Arizona Complaint for Past Due Promissory Note

State:
Multi-State
Control #:
US-01126BG
Format:
Word; 
Rich Text
Instant download

Description

The form is a complaint for a default on payments due pursuant to a promissory note. The complaint adopts the "notice pleadings" format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Type of DebtTime PeriodMedical debt6 yearsWritten contracts, including most credit card debt6 yearsAuto loan debt if there was a repossession4 yearsState tax debt10 years

Breach of Written Contract. The applicable statute of limitations for actions of written contracts is six years for contracts executed within Arizona [and four years for contracts executed outside the state].

If a borrower defaults on a loan, the lender may pursue legal action to collect the remaining loan balance. The promissory note will typically outline the actions the lender may take in the event of a default, such as hiring a collection agency or filing a lawsuit.

Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.

Because the maturity date of a promissory note is the last scheduled installment payment of the debt instrument, the cause of action for that final installment payment ?accrues? on the loan maturity date. As a result, a lender cannot sue upon the promissory note six years or more after the scheduled maturity date.

If the borrower does not repay you, your legal recourse could include repossessing any collateral the borrower put up against the note, sending the debt to a collection agency, selling the promissory note (so someone else can try to collect it), or filing a lawsuit against the borrower.

Statute of Limitations in Arizona The statute of limitations for credit card debt is three years. For car loans, mortgages and medical debts it's six years, and for unpaid taxes it's 10 years. The timeframe indicates the amount of time a debt collector has to collect a debt.

The Arizona statute of limitations applicable to a lender's breach of contract cause of action based upon a defaulted promissory note or a credit card agreement is six years.

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Arizona Complaint for Past Due Promissory Note