Consumer Law, Warranties Payee breaks signed promissary note

[andersrg]

I live in California and loaned $80,000 to an individual in Nevada via a signed, notarized promissary note. The note called for the individual to make monthly interest payments in addition to paying the note in full on October 1st, 2008. The document originated with the payee in Nevada. The individual stopped making payments and has stopped communicating with me. I have sent him letters and left messages to no avail. What is my recourse? What state would I have to seek remedy in and can it be the closest county to my location. How can I enforce any judgement I would receive?

 

[dee_dub]

Your recourse is you sue him.

It's not a small claims matter, so you can probably sue him in your home state and serve papers on him in Nevada to attend. He might bring an application to have it moved to Nevada - if he does, a judge will decide where it should be heard.

I don't know for sure, but I assume California and Nevada have reciprocal enforcement of judgments. If not, you probably apply in Nevada to have the California judgment recognized. You would enforce any judgment you might receive in the usual way - seize his possessions, lien his property, garnish his accounts and wages, sell his children to the gypsies, etc.