Q: Is a promissory note considered under seal? What's the difference in Maryland between private contract vs. promissory?
I have 9 student loans with Discover that are in default and need a legal definition of what my agreements actually are
A: It’s only under seal if the word “seal” appears on the signature line. All that does is extend the statuteof limitations for suing in eventod a default from 3 years to 12 years. A promissory note is a contract. It’s a type of contract. It memorializes a monetary debt owed by the promissor to the lender. It is only signed by the person who owes the debt. Generally, it will include an acceleration clause that makes the entire balance due upon the default if any installment payment due under the note, plus the right of the holder of the note (usually the lender, but anyone to whom the lender sold the right to receive the debt due under the note to), to enter a default judgment against the debtor/promissor in any court.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.