To receive payment on a promissory note and a check, Mark must follow these general steps:
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Promissory Note:
- Present the Note: Mark should present the promissory note to the borrower (the person who issued the note) at the designated time and place specified in the note.
- Proof of Ownership: Mark may need to show that he is the rightful holder of the note, especially if there have been any endorsements or transfers.
- Demand Payment: If the note is due, Mark must formally demand payment. This can often be done verbally, but it's recommended to provide written notice for clarity.
- Check for Payment: If the borrower fails to pay, Mark may need to consider legal action to enforce the note, which may involve filing a lawsuit.
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Check:
- Present the Check: Mark should take the check to his bank and deposit it or cash it. He should make sure to do this within the validity period of the check.
- Endorse the Check: Before depositing or cashing, Mark will need to endorse the back of the check by signing his name.
- Check for Funds: If the check is from a reliable source, it is usually straightforward; however, if there are doubts about the availability of funds, it might be wise to verify this with the issuer if possible.
If everything is in order, Mark should receive the payment accordingly. If he encounters difficulties with either the note or the check (such as non-payment on the note or insufficient funds for the check), he may need to seek legal assistance.