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If a promissory note/loan held within your account reaches its maturity date as outlined in the terms of the note, and your account has not received a full payoff of the loan, Equity Trust will provide a notice regarding your options for managing your asset.
If you require further assistance, you may contact our office via email at [email protected].
Q: I received an expired promissory note notice, what do I need to do?
A: Review the possible circumstances that apply to your account on this page and follow the directions to resolve. If a scenario doesn’t apply to your situation, please contact Equity Trust by email at [email protected].
Q: What should I do if the promissory note was paid off but it is still showing in my account?
A: Provide Equity Trust Company with the Promissory Note Satisfaction Direction of Investment Form indicating the date and amount of the payoff. Please remember that any return on your investments must be deposited into your account.
Q: Why must the borrower sign if I choose to extend or modify the terms of the promissory note?
A: The original promissory note requires the borrower’s signature acknowledging the terms of the loan. Any modification made to the terms of the existing note should also be acknowledged by the borrower to ensure he or she are in agreement.
Q: What if I cannot contact the borrower?
A: You may choose to deem the promissory note uncollectible. In order to do this you must provide sufficient evidence that you have attempted to contact the borrower. Supporting documents are required in order to allow Equity Trust Company to reduce the value of the promissory note.
Q: How long do I have to submit required paperwork for my matured promissory note?
A: You should submit paperwork upon learning of your matured investment. Once we receive the paperwork, you will be contacted if additional information or clarification is needed.
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