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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
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.
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.