What is the name of your state (only U.S. law)? Massachusetts
I lent an associate $500 with a signed promissory note, indicating a one time fee of $125 for the use of my money. The payment of the interest and principle ($625) was due after three months. The payment date has passed without receiving any money. A clause in the promissory note stated that if he defaulted on the loan he would have to pay me $10 a day until the full payment was received. Under Massachusetts law can I take him to small claims court for the accrued interest and principle to this day?
I lent an associate $500 with a signed promissory note, indicating a one time fee of $125 for the use of my money. The payment of the interest and principle ($625) was due after three months. The payment date has passed without receiving any money. A clause in the promissory note stated that if he defaulted on the loan he would have to pay me $10 a day until the full payment was received. Under Massachusetts law can I take him to small claims court for the accrued interest and principle to this day?