Notice of Default in Promissory Note
Do you run a company or organization and deal with a number of people on a routine basis? If yes, then you may require notice of default in a promissory note for your convenience. It becomes quite important to send notice of default in black and white before taking any legal action against the borrower.
Non-payment of the personal loan may cause the company to send this notice to the borrower.
This notice can be handed personally or sent by registered email to the defaulting borrower. The moneylender can intimate the number of days during which the borrower have to respond in order to prevent from future legal proceedings.
The borrows agree to return the amount within a specified duration. When the lender gives money to the borrower then surely, they make a full fledge agreement there. A specified time is decided as a deadline for returning the money back.
It may be returned in the form of small payments of all at once, entirely dependent on the borrower’s convenience. After that deadline, the lender has to collect the debt from the borrower and for this, he should adopt the professional way which is the use of this notice.
Either the debtor refused to repay the amount or may have gone bankrupt, so he is not paying the money back. Taking the support of Notice of Default in Promissory Note is of great concern as it could help the lender as an evidence in legal proceedings.
The certain period of time mentioned in this notice is the last chance for the borrower to clear out the payment. This notice contains the details such as borrower’s name, lender’s name, a certain period in which payment should be made and date of the promissory note.
The borrower is responsible for the consequences if he neglects this notice and does not respond positively. Get the most professionally designed Notice of Default in Promissory Notice template by simply clicking on the download button. Edit it and use it when required.