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.
Maryland Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several Liability Keywords: Maryland, complaint, makers, promissory note, personal guarantors, joint liability, several liabilities A Maryland Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities is a legal document filed in the state of Maryland to seek relief and hold the makers of a promissory note, as well as personal guarantors, accountable for their joint and several liabilities. In Maryland, when a promissory note is signed by multiple makers and personal guarantors, they may be held jointly and severally liable for the repayment of the borrowed amount. This means that any one of the makers or guarantors can be held responsible for the entire debt if the others are unable or unwilling to pay. A Maryland Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities is typically filed when the debt remains unpaid or if there have been defaults in repayment. Different types of Maryland Complaints Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities may include: 1. Defaulted Promissory Note Complaint: This type of complaint is filed when the makers of a promissory note, along with personal guarantors, fail to make the scheduled payments as per the terms of the note. The complaint will outline the details of the promissory note, the outstanding balance, and the specific breaches of the repayment agreement. 2. Breach of Personal Guaranty Complaint: In this type of complaint, the focus is primarily on the personal guarantors who have failed to fulfill their obligations to repay the debt in case of default by the makers of the promissory note. The complaint will highlight the terms of the personal guaranty, the failure of guarantors to step in, and the resulting damages suffered by the plaintiff. 3. Fraudulent Representation Complaint: This type of complaint is filed when it is alleged that either the makers of the promissory note or the personal guarantors made fraudulent representations during the loan agreement process. The complaint will provide details about the misrepresentations made, the reliance on those misrepresentations, and the resulting harm or damages suffered by the plaintiff. 4. Unjust Enrichment Complaint: In some cases, a complaint may be filed asserting that the makers of the promissory note, as well as the personal guarantors, have been unjustly enriched at the expense of the plaintiff. The complaint will outline how the defendants gained an unfair advantage or benefited from the plaintiff's expense, and why it is necessary to seek restitution or compensation. In summary, a Maryland Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities is a legal tool used to hold multiple parties accountable for the repayment of a promissory note. Different types of complaints can be filed based on specific circumstances such as default, breach of personal guaranty, fraudulent representation, or unjust enrichment.
