Help with Promissory Note

[swrdmbo]

What is the name of your state (only U.S. law)? Ohio

Can someone explain what the following means at the end of a promissory note...( the part in bold? )

In case suit or collection proceeds shall be brought forth for the collection of this note, the undersigned agree to pay court costs and reasonable attorney fees for making said collection, and also agrees to waive demand,notice of non-payment, and protest.

Thanks!

 

[sandyclaus]

What is the name of your state (only U.S. law)? Ohio

Can someone explain what the following means at the end of a promissory note...( the part in bold? )

In case suit or collection proceeds shall be brought forth for the collection of this note, the undersigned agree to pay court costs and reasonable attorney fees for making said collection, and also agrees to waive demand,notice of non-payment, and protest.

Thanks!

Pretty simple, actually.

It means that if collection action is required in order to collect on an unpaid debt, the person signing the agreement waives the right to receive a demand letter or other notice that he/she has failed to pay the agreed amount, and waives the right to protest the fact that such notice has not been received if they choose to challenge the suit or collection action.