Legal Question in Civil Litigation in Maryland

Promissiory Note

I submitted a question earlier but wasn't clear, I purchased a car in my name for someone else who do not have credit. He has missed one payment with me on the promissiory note that we signed. The payments at the creidt untion are current but I need to know can I void the promissiory note since he was late with a payment and is not currently working. I am making sure that the payments to the credit union are on time but his repayments to me are late. Can I take the car even though we have a promissory note?


Asked on 9/30/08, 12:50 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: Promissiory Note

If you are referring to a promissory note between you and the person for whom you cosigned, if that note was properly prepared it should have an acceleration clause, giving you the right to declare the entire balance due upon a missed payment, and there should also be a security agreement giving you the right to repo the car if the note is in default. If this language wasn't put into the note, all you can do is sue him for any missed payments.

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Answered on 9/30/08, 2:45 pm


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