Legal Question in Credit and Debt Law in Texas

acceleration of a note for default

I have a signed note in which someone was to make monthly payments of $1,200 on approx a $42,000 balance. They did not make the payments as stipulated for the first 3 months then made the back payments and made payments for 4 months before defaulting and stopped making payments. They payments that they are currently behind on total around $14k. The note does not have an acceleration clause. Is there any provision under Texas Law that I can accelerate the note since they have defaulted twice now? I would like to sue them for the full balance of $34k and not just the missed payments because I could be awarded the payments and then they turn around and not pay the payments again the next month and I would be left suing them every time they missed a payment.


Asked on 5/11/07, 3:25 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: acceleration of a note for default

Depending upon the language of the note, you may be able to declare a material breach and anticipatory repudiation in order to get the same result. But the language of the note is controlling.

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Answered on 5/11/07, 4:23 pm


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