A promissory note can be simple representation of an agreement, or it can be a complex and intricate document covering various issues and including additional provisions of a contract, including the right to recourse in the event of default. A typical promissory note will contain the terms pertaining to the indebtedness by the issuer or maker to the note’s payee, such as the amount, interest rate, maturity date and date and place of issuance. Whatever the scope is, a breach of promissory note, a legally binding instrument, can be remedied if one of the parties does not uphold their end of the bargain. Legal remedies for breach of promissory note include repossession of the secured assets in question.
The elements of a breach of promissory note are the same as those for a breach of contract: (1) the existence of a valid and enforceable note, (2) performance by the plaintiff, (3) breach of note (failure to pay according to the terms of the note) by the defendant, and (4) resultant injury to the plaintiff.
Keep in mind that a statute of limitations applies to any breach of your promissory note. The statute of limitations will usually begin to run on the date the contract (the note) was breached.
Contact our Chicago law firm at (312) 789-5676 , or by email, to consult with one of our Chicago breach of contract attorneys to discuss your claim.