Legal Question in Civil Litigation in Florida

Promissory note

Is a Promissory note legally enforceable with out collateral? If not can collateral be something that is financed such as a vehicle?


Asked on 7/03/03, 8:22 am

3 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: Promissory note

A promissory note is a promise to pay $ at a certain time in the future. The note may or may note be secured with collateral.

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Answered on 7/03/03, 8:27 am
Miguel De La O De La O & Marko

Re: Promissory note

Collateral not required by law, though probably will require.

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Answered on 7/03/03, 9:15 am
Peter Gonzalez Sanchez-Medina, Gonzalez, Quesada, Lage, Crespo, Gomez & MachadoLLP

Re: Promissory note

Yes, it is legally enforceable. If the debtor fails to pay, you can sue for the default under the note and pursue a final judgment. Whether the defendant debtor will be collectible is another issue. Good luck.

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Answered on 7/03/03, 10:02 am


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