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 Debra Your Own Question
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 99992
Experience:  Lawyer
10263656
Type Your Canada Law Question Here...
Debra is online now
A new question is answered every 9 seconds

Hoping you can help me out. I loaned a borrower $25,000 with

Customer Question

Hoping you can help me out. I loaned a borrower $25,000 with a promissory note that was witnessed and all signed. For Security there was a guarantor who also put his home as secondary surety on the loan. Shares in a company were also held as security until full payment of the loan. The Borrower unfortunately died. The company shares it turns out were sold by the Borrower and the Borrowers estate is worthless (he owed much more money than he owned). This leaves me with the property which stands as secondary surety. What strength does the promissory note have within the small claims court system and do I have a strong position to obtain judgment my way in being able to procure money from the guarantor? Thank you very much for your consideration in this matter.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

What province is this please?

Customer: replied 1 year ago.
Ontario
Expert:  Debra replied 1 year ago.

You can sue in Small Claims Court for up to $25,000 plus interest plus your costs.

The promissory note is very strong evidence of the debt.

And you can most assuredly sue the guarantor as well because that is part of the agreement.

Once you get a judgment you can seek to enforce it by garnishing wages, seizing assets such as bank accounts, seizing assets such as cars or even property and having them sold, registering liens etc.

Related Canada Law Questions