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Texas First Original Petition for Breach of Promissory Note

Plano Texas First Original Petition for Breach of Promissory Note

Name: Plano 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:

Plano

Control #:

TX-CC-32-01

Format:

Instant download

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A01 First Original Petition for Breach of Promissory Note

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FAQ

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.

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.

Promissory notes legally bind the borrower and lender in an agreement where the borrower is responsible for paying back a loan or debt. They lay out the conditions of the loan and detail the time frame for paying back the loan as well as any interest that might accrue over the life of the loan.

Promissory notes have a statute of limitations. Depending on which U.S. state you live in, a written loan agreement may expire 3?15 years after creation.

The statute of limitations on debt in Texas is four years. This section of the law, introduced in 2019, states that a payment on the debt (or any other activity) does not restart the clock on the statute of limitations.

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.

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.

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.

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.

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Also, note that laws regarding the citizen petition process can and do change on occasion. Be made in a timely manner as outlined in the Chapter 13 Plan.Meanings attributed to such terms in the Texas Uniform Commercial Code. Usage fees may apply. First Amendment to Registration Rights Agreement (Filed herewith).

This agreement covers registration rights for the citizen-driven initiative, which the Citizen Initiatives Project will use to collect signatures in support of the ballot measure

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The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.

Plano Texas First Original Petition for Breach of Promissory Note

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Are promissory notes legally binding in Texas?

Is a promissory note legally binding in Texas?

How does a promissory note work?

Do promissory notes have an expiration date?

How long is promissory note valid in Texas?

How can a promissory note be enforced?

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

Is there a statute of limitations on a promissory note in Texas?

Does a promissory note expire in Texas?

How do you enforce a promissory note in Texas?

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