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Texas First Original Petition for Breach of Promissory Note

Arlington Texas First Original Petition for Breach of Promissory Note

Name: Arlington Texas First Original Petition for Breach of Promissory Note
Brand: US Legal Forms
Rating: 4.61 (443 reviews)

Category:

Texas Court Samples - Breach of Contract - Promissory Notes - Sample Case 2

State:

Texas

City:

Arlington

Control #:

TX-CC-32-01

Format:

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A01 First Original Petition for Breach of Promissory Note

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Promissory notes are legally binding whether the note is secured by collateral or based only on the promise of repayment. If you lend money to someone who defaults on a promissory note and does not repay, you can legally possess any property that individual promised as collateral.

A promissory note is a contract, a binding agreement that someone will pay your business a sum of money. However under some circumstances ? if the note has been altered, it wasn't correctly written, or if you don't have the right to claim the debt ? then, the contract becomes null and void.

Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.

To enforce a promissory note, the holder must provide notice as is required per the note. If timely payment is not made by the borrower, the note holder can file an action to recover payment.

To prevail on its claim to collect on a promissory note, a lender must prove: (1) the existence of the promissory note in question, (2) that the alleged recipient of the funds signed the note, (3) that the lender is the owner or holder of the note, and (4) that a certain balance is due and owing on the note.

A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.

In the instance of a promissory note (a promissory note is an agreement to pay back money that gets borrowed or loaned), the statute of limitations in Texas is typically four years. Promissory notes are often accompanied by some sort of security interest, in either real estate or a car.

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.

Governing Law. Texas promissory notes do not have to be notarized. However, to make them a legal document, they must be signed and dated by the borrower. If there is a co-signer, they should also sign and date the agreement.

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Arlington Texas First Original Petition for Breach of Promissory Note

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Is a promissory note legally binding in Texas?

What makes a promissory note invalid in Texas?

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How can a promissory note be enforced?

How do you enforce a promissory note in Texas?

How do I make my promissory note legally binding?

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Does a promissory note expire in Texas?

What happens if someone doesn't pay a promissory note?

Are promissory notes legally binding in Texas?

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