Posted by DougO(NM) on April 12, 1999 at 07:01:52:
This language has to do with provisions for the methods and remedies for collection of a debt instrument under the UCC. I would suggest that you have a local attorney knowledgeable about such matters review your ALL your paper work and explain each paragraph to you PRIOR to doing your first deal. It pays to get the first one done right. Best of Luck
Doug
Lonnie’s Promissory Note - Posted by Jeff Porter
Posted by Jeff Porter on April 11, 1999 at 22:05:57:
Lonnie or someone, help please. Could someone please explain this paragraph in Lonnies Promissory Note? “All parties liable for payment of this Note waive the benefit of their homestead exemptions, presentment, notice of default, and of dishonor and protest.”
I am about to do my first Lonnie deal and would like to understand this line on note before I ask someone to sign it.
I’ve learned alot from this board and web sight and really appreciate it.
Thanks a million,
Jeff from Ohio