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  #1  
Old 01-04-2008, 01:23 PM
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Join Date: Jan 2008
Posts: 3

Promissory Note

What is the name of your state? Rhode Island

promissory note

--------------------------------------------------------------------------------

Could not figure out which forum was correct, so I am going to chance posting here.

I loaned a friend $4500 (cash) back in june of 2007. This happened in the state of rhode island.

A promissory note was signed by myself, the friend borrowing money and a witness that is a friend of mine. Not noterized or anything like that.

Only the one note was signed , no copy was made of it. Payments were supposed to start in sept. of 2007 being the first of 12 payments. I have not asked for money because of financial trouble my friend has been having, but now things are pretty bad between us and it seems we may part ways.

I have looked for the note but can not find it. Am I out $4500 now?
  #2  
Old 01-04-2008, 02:06 PM
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Join Date: May 2007
Posts: 682
Quote:
Originally Posted by niceguy0602 View Post

I have looked for the note but can not find it. Am I out $4500 now?
If you can prove the terms of the note, then you can enforce it. Below is the relevant law.



§ 6A-3-309 Enforcement of lost, destroyed, or stolen instrument. – (a) A person not in possession of an instrument is entitled to enforce the instrument if (i) the person was in possession of the instrument and entitled to enforce it when loss of possession occurred, (ii) the loss of possession was not the result of a transfer by the person or a lawful seizure, and (iii) the person cannot reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts cannot be determined, or it is in the wrongful possession of an unknown person or a person that cannot be found or is not amenable to service of process.

(b) A person seeking enforcement of an instrument under subsection (a) must prove the terms of the instrument and the person's right to enforce the instrument. If that proof is made, § 6A-3-308 applies to the case as if the person seeking enforcement had produced the instrument. The court may not enter judgment in favor of the person seeking enforcement unless it finds that the person required to pay the instrument is adequately protected against loss that might occur by reason of a claim by another person to enforce the instrument. Adequate protection may be provided by any reasonable means.
  #3  
Old 01-04-2008, 02:43 PM
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Join Date: Jan 2008
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promissory note

This was printed online and blanks were filled in by us. So if I do not have it, how can I prove it? Just my word?
  #4  
Old 01-04-2008, 02:58 PM
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Quote:
Originally Posted by niceguy0602 View Post
This was printed online and blanks were filled in by us. So if I do not have it, how can I prove it? Just my word?
You can prove it with your word, your witness's word, the obligor's word, a cashed check, a receipt of some kind, your bank statement, the obligor's bank statement, etc, etc, etc.

The more evidence you have that corroborates your story, the more likely you will convince a judge.
  #5  
Old 01-04-2008, 02:59 PM
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Quote:
Originally Posted by niceguy0602 View Post
So if I do not have it, how can I prove it? Just my word?
You lost a piece of paper worth $4500.

And no, your word alone is not "proof." Think about it.
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  #6  
Old 01-07-2008, 03:38 PM
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Join Date: Nov 2007
Location: south
Posts: 197
Quote:
Originally Posted by niceguy0602 View Post
What is the name of your state? Rhode Island

promissory note

--------------------------------------------------------------------------------

Could not figure out which forum was correct, so I am going to chance posting here.

I loaned a friend $4500 (cash) back in june of 2007. This happened in the state of rhode island.

A promissory note was signed by myself, the friend borrowing money and a witness that is a friend of mine. Not noterized or anything like that.

Only the one note was signed , no copy was made of it. Payments were supposed to start in sept. of 2007 being the first of 12 payments. I have not asked for money because of financial trouble my friend has been having, but now things are pretty bad between us and it seems we may part ways.

I have looked for the note but can not find it. Am I out $4500 now?
It's probably going to be pretty hard to prove but you never know. You said you gave him cash, do you have proof from a bank statement that you wihtdrew that amount?
Was anyone present when you loaned the money?

Hearts
  #7  
Old 01-07-2008, 03:41 PM
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Originally Posted by hearts41 View Post
It's probably going to be pretty hard to prove but you never know. You said you gave him cash, do you have proof from a bank statement that you wihtdrew that amount?
Was anyone present when you loaned the money?

Hearts
I have proof that I withdrew $1,200 from one of my accounts a couple of days ago. It's a withdrawal statement, and it will also show up on my monthly statement.

YOU owe that money, $1,200.00 to ME now. I have witnesses. Pay up.



Your so-called *advice* is worthless.
__________________
"Judges want people to be reasonable. Where one parent won't be reasonable, judges still want the other parent to remain reasonable." (Ford)
  #8  
Old 01-08-2008, 03:07 PM
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Join Date: Nov 2007
Location: south
Posts: 197
Quote:
Originally Posted by Silverplum View Post
I have proof that I withdrew $1,200 from one of my accounts a couple of days ago. It's a withdrawal statement, and it will also show up on my monthly statement.

YOU owe that money, $1,200.00 to ME now. I have witnesses. Pay up.



Your so-called *advice* is worthless.
so is your opinion see how that goes.... my advice is worthless to you, your opinion is worthless to me.
Last edited by hearts41; 01-08-2008 at 03:09 PM. Reason: typo
  #9  
Old 01-08-2008, 03:12 PM
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Quote:
Originally Posted by hearts41 View Post
so is your opinion see how that goes.... my advice is worthless to you, your opinion is worthless to me.
I was pointing out your utter lack of logic, and your inability to absorb the law.

You made my point for me just fine.
__________________
"Judges want people to be reasonable. Where one parent won't be reasonable, judges still want the other parent to remain reasonable." (Ford)
  #10  
Old 01-08-2008, 03:14 PM
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Join Date: Jan 2006
Posts: 9,771
Quote:
Originally Posted by hearts41 View Post
so is your opinion see how that goes.... my advice is worthless to you, your opinion is worthless to me.
WHAT ADVICE??? Seriously you need to sit back and learn.

This isn't Oprah, or Dr. Phil, these people already have FRIENDS.

If you have nothing legal to contribute. . . . really. . . .PLEASE. . . . STOP!!!!!!!!!
  #11  
Old 01-08-2008, 03:24 PM
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Join Date: Nov 2007
Location: south
Posts: 197
Quote:
Originally Posted by fairisfair View Post
WHAT ADVICE??? Seriously you need to sit back and learn.

This isn't Oprah, or Dr. Phil, these people already have FRIENDS.

If you have nothing legal to contribute. . . . really. . . .PLEASE. . . . STOP!!!!!!!!!
Not here to make friends either, obviously!
Anyone can go to small claims court and file suit for money owed to them. Sure, its a roll of the dice.... its their word against the other person's. No one, to the best of my knowledge, on this board, is a judge. You never know which way it will go in a courtroom.

"sit back and learn" from some posters who go out of their way to be nasty, no thanks.
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