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Eight Provisions to Strengthen An Installment Note
If you're setting up an installment payment note, here are eight provisions you can include to protect your interests:
- The note may provide for security to be furnished to guarantee payment. A security agreement can be obtained on the customer's equipment, machinery, inventory, accounts receivabe, or other assets. Or the security agreement can be included in the installment note, so that the note itself becomes secured. In either event, be certain a financing statement is filed in the proper place.
- If you believe the collateral inadequate, you may declare the note in default or require the debtor to furnish additional collateral.
- Interest can also be provided for in a promissory note. You are entitled to interest for allowing the customer to repay the money over a period of time. Interest at the legal rate is suggested.
- A provision may be included that in the event of a bankruptcy or if a receiver is appointed, or if any other event of bankruptcy or insolvency occurs, the debt will be considered in default and will be accelerated.
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- The note may provide that any property of the debtor that comes into your possession may be offset against the debtor's indebtedness.
- A waiver of a jury trial may be included. This could be important in major metropolitan areas where a commercial matter with jury trial may take several years to reach the calendar. From a creditor's point of view, it is better to have a trial without a jury.
- A waiver of all notices that the debtor may be entitled to under the note or under any state law of the Uniform Commercial Code can be included so that the debtor cannot assert as a defense that a notice was not received.
- Sometimes a provision is included in a note that may be unenforceable. The note can state that any provision that may prove unenforceable shall not affect the validity of any other provision.
In some circumstances where a guarantor is involved, guarantors have alleged that the creditor must proceed first against the principal debtor and then against the guarantor. Provisions permitting you (as creditor) to proceed immediately against the guarantor without proceeding against the primary debtor can be included. When the guarantor is financially solvent, it may be more advisable to sue the guarantor than the debtor. In most instances, you will start the suit against the debtor and the guarantor.
If an installment payment note is to be used, the provisions outlined above should be prepared under the careful supervision and review of competent counsel. The creativity of these provisions is limited only by your and your counsel's ingenuity.
Thanks to by Arthur Winston, Attorney at Law for this analysis.
From Credit Today's Download area:
Click here to download sample promissory note!
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Outlook 2012
This month's survey explores...
- What the top problems are facing credit execs currently, and
- What the top improvement initiatives are.
Click here to participate!
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