Promissory notes are written agreements to repay a debt. If the debtor, the person that owes the money, fails to comply with the repayment terms of the promissory note, the creditor, the person or bank that gave the debtor the money, can seek to enforce the note which will require the debtor to pay the entire loan. In order to enforce a promissory note, the creditor must bring a lawsuit against the debtor. The court the creditor should commence the action in depends on the amount of the loan and jurisdiction of the court.
Whatever side of the dispute you are on, debtor or creditor, rest assured the attorneys at James G. Dibbini & Associates, P.C. can provide you with an in depth and comprehensive approach to your matter. To schedule an appointment with an attorney at our firm, please call (914) 965-1011.