How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jack R. Your Own Question
Jack R.
Jack R., Lawyer
Category: Real Estate Law
Satisfied Customers: 6147
Experience:  Mediator, part of the Ohio Save the Dream Foreclosure project
Type Your Real Estate Law Question Here...
Jack R. is online now
A new question is answered every 9 seconds

What is the definition of a promissory note in maryland - for

This answer was rated:

What is the definition of a promissory note in maryland - for the six year sol?

Thank you for using Just Answer.


A promissory note that is an unconditional promise to pay a fixed amount of money is sometimes referred as a negotiable instrument. This is defined in sec. 3-104 in the Maryland Code.


A promissory note is a financial instrument/document in which one party promises in writing to pay a sum of money to a 2nd party at some specified future date or dates, or on the occurrence of some event. A promissory note is most often found in debts such as student loans, personal loans, auto loans, and mortgages. Promissory notes contains specific information on repayment terms such as interest, time length and fees.


In form promissory notes contain


  • Names and Address of Borrower and Lender and;
  • Terms of the Loan: the amount, interest rate, payment schedule, fees, obligation, and rights of both the borrower and lender;
  • Signature of borrower and date



Customer: replied 4 years ago.

My understanding is that the sol for pursuing collection on a promissory note in the the state of Maryland is six years. Can you advise if this is correct.

Thank you.




Yes the SOL is 6 years. Here is the applicable Maryland code section:


§ 3-118. Statute of limitations.

(a) Except as provided in subsection (e), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within 6 years after the due date or dates stated in the note or, if a due date is accelerated, within 6 years after the accelerated due date.


Jack R. and 4 other Real Estate Law Specialists are ready to help you

Related Real Estate Law Questions