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LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 27268
Experience:  10+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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Sale of two vintage autographed baseball 33,500 sale amount

Customer Question

Sale of two vintage autographed baseball 33,500 sale amount
Can an issuer of a promissory note cancel the note?
What compensation can the payee of the promissory note request?
Submitted: 1 year ago.
Category: Legal
Expert:  LegalKnowledge replied 1 year ago.

Can you share with me why the note would be canceled? If it was given and used to pay for the sale of the baseballs, why does the party think they can cancel it and not be liable for the debt.

Customer: replied 1 year ago.
The note was issued because payments were involved with specific payment dates.
Rec 10k as deposit
10k due Oct 1 2015 which is overdue
13.5k due Dec 31 2015
This deal is with an attorney who drafted the note.
Expert:  LegalKnowledge replied 1 year ago.

Thank you for the additional information. The note can not just be canceled. If the attorney has not paid under the terms and conditions of the promissory note, then they would be in breach. Once the Oct 1, 2015 pay was due and not paid, you should have demanded payment in writing and advise the attorney/buyer that they are in breach of the agreement. Now, if you think they will pay it ALL on December 31, you can wait and if they do not, sue them for the balance owed. If they do not have the money, then you may want to consider asking for the balls back and returning the money paid, less any damages suffered as a result of the breach.

Expert:  LegalKnowledge replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!