Legal Question in Credit and Debt Law in New York

promissory notes

If an individual has no money to pay a

promissory note and the court orders him

to pay the full amount and he cannot pay,

then what's the use of establishing the

promissory note in the first place?


Asked on 10/31/08, 5:57 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: promissory notes

Legally, it creates the obligation. In actuality, it allows you to obtain a Judgment that lasts for 20 years (breach of contract statute of limitations is only 6 years). Maybe that individual will be able to pay on the Judgment. Certainly, it will affect his credit rating.

Mike.

Read more
Answered on 11/01/08, 9:06 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New York