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.
The Puerto Rico Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities is a legal action filed in Puerto Rico against individuals or entities who have defaulted on a promissory note and their personal guarantors. This complaint seeks to hold both the makers of the promissory note and their personal guarantors jointly and severally liable for the outstanding debt. In this type of complaint, the complainant alleges that the makers of the promissory note, who borrowed the funds, have failed to repay the debt as specified in the terms of the promissory note. Furthermore, the complaint states that the personal guarantors, who have agreed to be liable for the debt in case of default by the makers, have also failed to fulfill their obligation. This Puerto Rico complaint is a legal recourse available to lenders or creditors who are seeking full repayment of the outstanding debt. By naming both the makers of the promissory note and their personal guarantors in the complaint, the complainant aims to ensure that all parties responsible are held accountable and collectively liable for the debt. It is important to note that while the complaint is generally filed against both makers and personal guarantors, there may be specific variations or types of complaints depending on the circumstances. For example, some complaints may be against multiple makers and personal guarantors collectively, while others may involve separate complaints against individual makers or personal guarantors. Overall, the Puerto Rico Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities is a legal mechanism designed to safeguard the rights of lenders or creditors by seeking full repayment of outstanding debts from both the makers of the promissory note and their personal guarantors.The Puerto Rico Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities is a legal action filed in Puerto Rico against individuals or entities who have defaulted on a promissory note and their personal guarantors. This complaint seeks to hold both the makers of the promissory note and their personal guarantors jointly and severally liable for the outstanding debt. In this type of complaint, the complainant alleges that the makers of the promissory note, who borrowed the funds, have failed to repay the debt as specified in the terms of the promissory note. Furthermore, the complaint states that the personal guarantors, who have agreed to be liable for the debt in case of default by the makers, have also failed to fulfill their obligation. This Puerto Rico complaint is a legal recourse available to lenders or creditors who are seeking full repayment of the outstanding debt. By naming both the makers of the promissory note and their personal guarantors in the complaint, the complainant aims to ensure that all parties responsible are held accountable and collectively liable for the debt. It is important to note that while the complaint is generally filed against both makers and personal guarantors, there may be specific variations or types of complaints depending on the circumstances. For example, some complaints may be against multiple makers and personal guarantors collectively, while others may involve separate complaints against individual makers or personal guarantors. Overall, the Puerto Rico Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several liabilities is a legal mechanism designed to safeguard the rights of lenders or creditors by seeking full repayment of outstanding debts from both the makers of the promissory note and their personal guarantors.
