Legal Question in Business Law in New York
LAW 0 Promissory Notes
What does the following mean in a Promissory note - The promissor hereby waives diligence, presentment, demand, protest or notice of non-payment or dishonor with respect to this promissory note'' and ''the failure of the Promissee to exercise any of its rights hereunder in any instance shall not constitute a waiver thereof in that or any other instance:
Asked on 11/22/07, 3:39 pm
1 Answer from Attorneys
Kristen Browde
Browde Law, P.C.
Re: LAW 0 Promissory Notes
1. Means that if you default, they don't have to give you any notice or do anything other than obtain the remedy that probably exists a paragraph on either side of that clause.
2. Means that if they don't go after you the first time you do something wrong, it doesn't mean they can't go after you later.
Answered on 11/22/07, 5:54 pm
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