Q: Payment on seller carryback must be wired by the 11th. If the 11th is Saturday, is payment delinquent if paid monday?
We are the seller in this circumstance. Promissory Note states that a late charge will be due "In the event that any Monthly Installment due hereunder shall not be made within ten days after the date due", the due date being the 1st of the month. Escrow documents instruct Buyer to wire funds directly to our bank account. This month, the 11th fell on a Saturday. On Monday the 13th, I sent an email reminding the buyer that payment is due by the 11th and informing Buyer that a late fee is now due. Buyer is claiming that CA Civil Code Section 9 absolves them of responsibility for paying the late fee and they began a same day wire transfer.
A: What are the terms of the related contract? That section of the CA civil code may or may not apply. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
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