Legal Question in Credit and Debt Law in Massachusetts

In the summer of 2010, my aunt volunteered to help finance my college education, submitting a payment directly to Tufts University on my behalf for the purpose of paying for tuition expenses. In return, I signed a promissory note in the amount of $120,000, to be paid back in full with interest by December 31, 2027. This document was signed and notarized at my local bank in Taunton, MA on July 19, 2010, and I have kept it in my records. The terms of the note were drawn up by my aunt, who lives in AZ. Recently, my aunt has become bitter over a family vacation, and now she is asking for that money to be paid back to her within the next six months. Since I am in college now, it will be very difficult if not impossible for me to come up with that amount of money.

My question is: does she have the grounds to pursue legal action against me to make me pay that sum back at this time, and if so, what can I do to prepare for such a court case?


Asked on 1/28/13, 8:34 am

1 Answer from Attorneys
John Skinner, III Associated Attorneys of New England

She can take legal action only to enforce the terms of the Note. You state it is to be paid back by 2027- not in six months. So she can only enforce whatever portion would be due in six months.

This may or may not be the entire amount depending on whether there is a provision for acceleration of the Note resulting from your default. The terms of the Note govern.

ALSO, it is important to recognize the person entitled to enforce the Note is called the HOLDER. I mention this because you state that you are the one in possession of the document which would be used to enforce the alleged obligation.

Best of luck.

Please keep me in mind for all your future legal, consumer protection, and debt collection defense needs.

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Answered on 1/28/13, 9:04 am


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