Recent Answers to Note Payable Law Questions
Can a note payable be transferred to another party without the lender's consent?
Loans
Note Payable
New York
I recently entered into a loan agreement with a lender, where I borrowed a significant amount of money and agreed to repay it over a specified period of time. However, due to unforeseen circumstances, I am now unable to continue making the payments on the note payable. I have found another individual who is willing to take over the repayment of the loan, but I am unsure if I can transfer the note payable to this person without obtaining the lender's consent. I would like to know if it is legally permissible to transfer a note payable to another party without the lender's consent, and if not, what options are available to me in this situation?
Damien B.
Hello! Most loan agreements contain clauses that prohibit the assignment or transfer of the borrower's obligations without the lender's written consent. This is because the lender approved the loan based on your financial status and creditworthiness, and transferring the loan would introduce a new party with potentially different credit risks. If the agreement does not allow for an assignment and If the lender does not consent to a transfer, one possibility is that you could enter into a private agreement with the individual where they make the payments on your behalf. However, you would remain liable to the lender if they default. If you have a follow-up question or would like a consultation or further legal services, you can let me know. There should be a button on your page or app that allows you to request a proposal from me specifically for the legal service you request. Best regards, Attorney Damien B.
I need to sue on an unpaid promissory note
Debt Collection
Note Payable
New York
The note was written back in March 2019 I hired an attorney and he has done nothing for me! I made tons of requests to try to settle out of court with this man and he just keeps blowing me off
Jane C.
An attorney needs to review what has been done so far on the case and move forward from there.
I need to sue on an unpaid promissory note
Contracts
Note Payable
New York
The note was written back in March 2019 I hired an attorney and he has done nothing for me! I made tons of requests to try to settle out of court with this man and he just keeps blowing me off
Matthew S.
You need someone who will attempt to settle the matter for you and if that fails be prepared to sue on the note and take the necessary action to collect. This assumes the debtor has assets to collect against. It can take a while. I have had some folks pay relatively promptly, others several years. Communication between attorney and client is very important in this process. If you have no idea what is going on in your case you can get very anxious. I make sure you get consulted on each development and you get copies of each filing.
I loaned money to a 5013c organization, I want a lawyer to look over the contract, worried about them defaulting on it
Contracts
Note Payable
Virginia
I am worried about a 5013c organization defaulting on a promissary note, they do not seem to have their act together, want to have a lawyer look over the promissary note and get advice on what happens if they default on it
Donya G.
Sure. I take it they have not yet signed as yet? You can draft the agreement with some protections to ensure payment; however, you need to keep in mind that payment will always be contingent on whether they have money to pay or not. I am a contracts attorney and if you you would like my services, you can contact me on the contracts counsel website, or post your job on the website and attorneys will respond to your job. All the best Donya Gordon
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