![]() ![]() Keep an itemized list of all of the expenses that you have incurred in demanding repayment (including any attorneys’ fees or registered mail costs).If the note under which the borrower defaulted was not a demand note, do not use the document that follows. If the payment isn’t provided after demand is made, the borrower is in default and the lender can pursue legal action. ![]() Under a demand note, the borrower is obliged to make payment when the lender requests. The enclosed demand letter assumes that the borrower defaulted on a demand promissory note.If there are specific procedures that you must follow before making demand of the full amount, make sure that you have followed them. It should include information about the steps a lender must take to demand payment, and about the consequences that can or will result for the borrower if it does not pay. Review the terms of your promissory note.In the end, you know your borrowers better than anyone else: you may want to alter the correspondence to best suit your personal and business needs. It is constructed to help you get what is rightfully yours, with a tone designed to be both professional and firm. The enclosed document demands that full payment be made of the note. Under demand promissory notes, the borrower will not be obliged to pay any amounts until the lender provides notice that those amounts are due. Such notes are called demand promissory notes. Some promissory notes, by their nature, require that the lender demand full payment of a loan before it will receive any amounts. ![]()
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