A promissory note is a negotiable instrument payable on demand subject to the terms stated in the note. The holder of the note is not obligated to change the terms and conditions stated in the note. Further, if the holder is not a party to any agreement between a buyer and seller of a business, the holder is not obligated to change the terms of the note repayment regardless of what was agreed upon between buyer and seller. However if the holder agrees to accept an alternative form of payment, he or she may end up waiving the right to enforce the terms and conditions of the note as originally stated.

If the note has matured, the holder has the right to demand payment as stated under the note. The holder needs to ensure that the original note is kept safe and should consult an attorney about making demand for payment and planning to enforce payment of the note.

Elio Palacios, Jr.
Managing Attorney
Palacios Law Office
Telephone: (951) 710-6139
Email: info@PalaciosLawOffice.com
www.PalaciosLawOffice.com

This answer is not legal advice or a solicitation of anyone as a client nor the engaging in the practice of law in any jurisdiction. The answer is merely for information/education and should not be relied upon for legal advice by the original poster or the general public because the facts of the original question may not be complete or may be different from someone else's situation.