Promissory note - legal or not?

[mrsjones55]

Atlanta, Georgia
I entered into a limited partnership last year and was to receive the first payout in March of this year. I, along with all of the other partners, received a check that was subsequently returned due to insufficient funds.
After many unkept promises and outright lies by the managing partner, I requested my initial investment be returned. The managing partner agreed to this and signed a note promising to pay the full amount by April 21, 2001. Needless to say, he did not fulfil his obligation and I am left with only a promisory note.
Would I have a case based on the promissory note or am I SOL?
p.s. I have reason to believe that the managing partner has stolen the money, but I cannot prove this.
mrsjones55

 

[JETX]

Your signed promissory note is like any other 'contract' and just as valid.

Before spending more time and money pursuing this person in court, you need to ask yourself 'what are the chances of recovering money' if you win. If you feel that the chances are not drastically dim, then I would certainly consider filing an action against. I would do it as soon as possible, since it sounds like this guy is going to have a lot of problems in the near future.