Legal Question in Business Law in Texas
Free Legal advice
What is the legal remedy when a party, the borrower, to a ''promissory note'' on a fnancial loan defaults on the terms agreed to in the note?
Asked on 4/03/09, 4:11 pm
1 Answer from Attorneys
David Leon
David L. Leon, P.C.
Re: Free Legal advice
If there is a security agreement with the note, then the lender can foreclose on the collateral. If not, the lender can sue for damages.
Answered on 4/04/09, 9:32 pm
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