A promissory note is a promise in writing made by one or more persons to another, signed by the maker, promising to pay at a definite time a sum of money to a specific person or to "bearer." The maker is the person who writes out and creates the note. A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so.
Joint and several liability refers to a shared responsibility for a debt or a judgment for negligence, in which each debtor or each judgment defendant is responsible for the entire amount of the debt or judgment. The person owed money can collect the entire amount from any of the debtors or defendants and not be limited to a share from each debtor.
District of Columbia Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities is a legal action taken by a creditor against individuals who are obligated to repay a promissory note, along with personal guarantors, under joint and several liabilities in the District of Columbia. This type of complaint is filed in cases where the borrowers and guarantors fail to fulfill their financial obligations, resulting in a breach of contract. The District of Columbia Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities typically includes the following relevant keywords: 1. Promissory note: A legally binding document that outlines the terms and conditions of a loan, including repayment obligations and interest rates. 2. Personal guarantors: Individuals who guarantee the repayment of a loan if the primary borrower defaults. 3. Joint and several liabilities: A legal concept that holds all parties involved in a contract (makers and guarantors) fully responsible for fulfilling the repayment obligations, either individually or jointly. 4. Creditor: The party or institution that lends money and is entitled to receive repayment. 5. Breach of contract: When one or more parties fail to fulfill their obligations as stated in the promissory note, resulting in a violation of the contract terms. 6. Legal action: The process of initiating a lawsuit against the makers of the promissory note and personal guarantors for joint and several liabilities in the District of Columbia. 7. Financial obligations: The legal responsibilities of borrowers and guarantors to repay the loan according to the terms specified in the promissory note. 8. Repayment default: When borrowers and guarantors fail to make the agreed-upon payments, violating the terms of the promissory note and triggering legal action. It is important to note that while the general concept of a District of Columbia Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities remains the same, there may be different types of complaints based on the specific circumstances or variations in the loan agreements. These variations could include differing amounts owed, breaches of specific contractual terms, or additional clauses unique to the particular case.
