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.
Title: South Dakota Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several Liability introductions: In South Dakota, a complaint against makers of promissory notes and personal guarantors for joint and several liabilities is a legal action taken by a party seeking to enforce the terms of a promissory note. This complaint seeks recourse against both the maker of the promissory note and any personal guarantors for their failure to fulfill their financial obligations. Keywords: South Dakota, complaint, makers of promissory note, personal guarantors, joint and several liabilities. 1. Understanding South Dakota Promissory Notes: A South Dakota promissory note is a legally binding document that establishes a borrower's obligation to repay a specified amount of money to a lender within a predetermined timeframe. This complaint concerns the failure of both the maker of the promissory note and any personal guarantors to fulfill their payment obligations. 2. Joint and Several liabilities Explained: Joint and several liability means that multiple individuals can be held accountable for the full amount of a debt, either collectively or individually. In this complaint, the party filing alleges that both the makers of the promissory note and the personal guarantors should be held jointly and severally liable for the outstanding debt. 3. Types of South Dakota Complaints Against Makers of Promissory Note and Personal Guarantors: a) Default on Promissory Note: This type of complaint is filed when the maker of the promissory note fails to make timely payments as specified in the agreement, resulting in a breach of contract. b) Personal Guarantors' Failure: This complaint is aimed at personal guarantors who have failed to fulfill their obligations of payment outlined in the personal guarantee agreement, resulting in a breach of contract. 4. Legal Basis for South Dakota Complaints: South Dakota legislation permits individuals or entities to file complaints against makers of promissory notes and personal guarantors in order to seek legal recourse. Relevant statutes include but are not limited to South Dakota Codified Laws Title 57 — Contracts. 5. Remedies Sought in South Dakota Complaints: a) Repayment: The main objective of this complaint is to seek repayment of the outstanding debt from both the makers of the promissory note and the personal guarantors. b) Damages and Costs: Additionally, the complaining party may seek compensation for any damages incurred as a result of the default, including legal fees and other costs associated with pursuing the complaint. c) Specific Performance: In some cases, the party may request the court to enforce the terms of the promissory note or personal guarantee as agreed upon, compelling the defendants to fulfill their obligations. Conclusion: A South Dakota complaint against makers of promissory notes and personal guarantors for joint and several liabilities is a legal action taken to hold both debtors responsible for payment. This type of complaint aims to seek repayment, damages, and other remedies as permitted by South Dakota laws.Title: South Dakota Complaint Against Makers of Promissory Note and Personal Guarantors for Joint and Several Liability introductions: In South Dakota, a complaint against makers of promissory notes and personal guarantors for joint and several liabilities is a legal action taken by a party seeking to enforce the terms of a promissory note. This complaint seeks recourse against both the maker of the promissory note and any personal guarantors for their failure to fulfill their financial obligations. Keywords: South Dakota, complaint, makers of promissory note, personal guarantors, joint and several liabilities. 1. Understanding South Dakota Promissory Notes: A South Dakota promissory note is a legally binding document that establishes a borrower's obligation to repay a specified amount of money to a lender within a predetermined timeframe. This complaint concerns the failure of both the maker of the promissory note and any personal guarantors to fulfill their payment obligations. 2. Joint and Several liabilities Explained: Joint and several liability means that multiple individuals can be held accountable for the full amount of a debt, either collectively or individually. In this complaint, the party filing alleges that both the makers of the promissory note and the personal guarantors should be held jointly and severally liable for the outstanding debt. 3. Types of South Dakota Complaints Against Makers of Promissory Note and Personal Guarantors: a) Default on Promissory Note: This type of complaint is filed when the maker of the promissory note fails to make timely payments as specified in the agreement, resulting in a breach of contract. b) Personal Guarantors' Failure: This complaint is aimed at personal guarantors who have failed to fulfill their obligations of payment outlined in the personal guarantee agreement, resulting in a breach of contract. 4. Legal Basis for South Dakota Complaints: South Dakota legislation permits individuals or entities to file complaints against makers of promissory notes and personal guarantors in order to seek legal recourse. Relevant statutes include but are not limited to South Dakota Codified Laws Title 57 — Contracts. 5. Remedies Sought in South Dakota Complaints: a) Repayment: The main objective of this complaint is to seek repayment of the outstanding debt from both the makers of the promissory note and the personal guarantors. b) Damages and Costs: Additionally, the complaining party may seek compensation for any damages incurred as a result of the default, including legal fees and other costs associated with pursuing the complaint. c) Specific Performance: In some cases, the party may request the court to enforce the terms of the promissory note or personal guarantee as agreed upon, compelling the defendants to fulfill their obligations. Conclusion: A South Dakota complaint against makers of promissory notes and personal guarantors for joint and several liabilities is a legal action taken to hold both debtors responsible for payment. This type of complaint aims to seek repayment, damages, and other remedies as permitted by South Dakota laws.
