Many commercial loans contain what are called default interest provisions. The provisions call for the default rate to apply upon any default by the Borrower under the loan agreement.
If you loan money to someone and receive a promissory note (“note”) in return, and the party owing the money on the note does not pay when the note is due, what can you do?
If a creditor claims you owe money, but you dispute the debt or dispute the amount owed, a restrictive endorsement can be used to attempt to resolve the dispute.
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