As your New Jersey collections lawyer will explain, the promissory note is the pivotal document creating a creditor/debtor relationship. This document serves as evidence of the existence of a loan, without which it may be very difficult to recover for breach or default in New Jersey Superior Court. If you need assistance creating promissory notes for your business or would like a New Jersey collections law office to review a note you are about to sign, we encourage you to contact Snellings Law LLC right away.
New Jersey Collections Law Office Discusses the Components of a Promissory Note
A promissory note must contain the essential information in order to hold both parties liable under the agreement. Your New Jersey collections law office will explain that, all too often, promissory notes are missing essential terms that that court will be unable to enforce despite one party’s assertion that an oral agreement was made. In general, the promissory note must contain the following:
- Identification of the parties to the loan;
- Principal amount of the loan and applicable interest rate;
- Monthly payment amount and other terms of repayment;
- Date of maturation;
- Default terms; and
- Signature and date of all parties.
As you can imagine, failure to include any one of the above could leave devastating effects for either party. If you are in need of sound legal advice pertaining to a promissory note, a New Jersey collections law office is your best bet for thorough counsel.
New Jersey Collections Law Office Explains the Necessity of a Promissory Note
The promissory note quickly becomes vital in the event of a default. If you are dealing with several debtors who are not making regular payments, you should quickly refer to the terms of the promissory note and meet with a New Jersey collections law office right away. If it is time to call the note due, your New Jersey collections lawyer will send a demand letter to the debtor right away, followed by filing a complaint in New Jersey Superior Court.
Contact a Reputable New Jersey Collections Lawyer Today
As a business owner, every outstanding account matters. We are here to help you recover your defaulting accounts, no matter how small. For more information about enforcing promissory notes against your debtors, call Snellings Law LLC at 973.265.6100.