Key terms in promissory notes?

A promissory note is based on when the loan is made, not necessarily when the note is signed. So if the siblings actually loaned the money, regardless of when the note is signed, then a backdated note is ok. Review by an attorney is advised.

Contact the lender and request a resolution of your loan, that is, some terminating reduction. The lender is under no duty to assist you, and can sue you for the unpaid balance, get a judgment and then seize your property (bank accounts, cars, etc) to get the note repaid.

Yes you can. Did you sign a promissory note? What does it say about disputes over payment? How much money is owed? If you need additional information you can contact me on the website for assistance. Thanks Donya Gordon

Does your promissory note talk about what happens if he doesn't pay? Does the law of NY apply to your agreement? If so, you can sue in NY court. In order to get a firm answer on what to do, I would need to review the promissory note and see what it says. You can connect with me and engage my services through Contracts Counsel. Donya Gordon

Typically, if the business fails, the note can then not be converted or repaid. Unless you have personally guaranteed the obligation which would be unusual, the recourse would be against the entity itself.