C
caossk
Guest
What is the name of your state? Colorado
I included an acceleration clause in a simple promissory note on a carry back sum when I sold my business. The payor advised me he intentionally was late paying the installment. I also included a late charge clause for 10% of the principle amount after 7 days. Can I enforce the accleration clause immediately when the note is late (24 hours) and convert it to demand and/or collect on the collateral or must I wait the 7 days? The clause reads "If any installment is not paid when due, the remaining unpaid balance and accrued interest shall become due immediately at the option ofthe Payee"
Thanks for your help
I included an acceleration clause in a simple promissory note on a carry back sum when I sold my business. The payor advised me he intentionally was late paying the installment. I also included a late charge clause for 10% of the principle amount after 7 days. Can I enforce the accleration clause immediately when the note is late (24 hours) and convert it to demand and/or collect on the collateral or must I wait the 7 days? The clause reads "If any installment is not paid when due, the remaining unpaid balance and accrued interest shall become due immediately at the option ofthe Payee"
Thanks for your help