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Barrister
Barrister, Attorney
Category: Legal
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Experience:  14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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Is a promissory note created between two private individuals

Resolved Question:

Is a promissory note created between two private individuals valid w/o a beginning date or maturity date or a specified interest rate valid. Note was create in Alabama, and is held in Florida.
Submitted: 11 months ago.
Category: Legal
Expert:  Barrister replied 11 months ago.
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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Is a promissory note created between two private individuals valid w/o a beginning date or maturity date or a specified interest rate valid.
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If the note was executed by the borrower and lender and there is no set interest rate or payment date, then the note would be considered a due on demand note and the lender would have the legal right to demand payment at any time.
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With that said, if you were unable to pay the note back, father would have to file suit against you for breach of contract and take it to court to try and get a judgment against you. If the amount is under $3,000, then he could pursue this in small claims court. If over that, he would have to hire an attorney and sue in a higher court.
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But in Alabama the statute of limitations for collection of a promissory note is 6 years. So if he doesn't take legal action to collect on the debt for another year, the debt would then be uncollectible.
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Thanks
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 23128
Experience: 14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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