Legal Question in Landlord & Tenant Law in Georgia
Promissory note
Four years ago I signed a note with my landlord to pay back the money from bad checks I had written for rent. The note included a van that would be used as collateral. I defaulted on the note and instead of the landlord collecting the collateral, he says he wants the money instead. I want to know if the note protects me from any further leagal matter or can he pursue this. We stll have the van that was used as collateral.
2 Answers from Attorneys
Re: Promissory note
Your question is far from clear. You defaulted on the note, and as in most cases, the other person would rather have money than collateral. His options likely include suing you. I am nut sure why you think you may be protected from legal action or from the landlord pursuing the money.
Re: Promissory note
It is impossible to answer your question without reviewing the note; however, it is very likely that your landlord can choose what satisfaction he prefers, which means that he does not have to accept the collateral.
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