Matured Note

If you require further assistance, you may contact our office via email at [email protected] .

Choose the Action You Wish to Take

• Seize the Collateral
• Extend the Terms of the Loan
• Deem the Loan Uncollectible

Seize the Collateral

If the loan is secured by collateral, you may have the option to seize the collateral and replace the loan with the asset within your Equity Trust account.

To do this, complete a Direction of Investment to add the seized asset to your account.

Direction of Investment to add asset seized:

• Real Estate – Real Estate Buy DOI Form
• Mobile Home or other collateral – General Buy DOI Form
• Interest in an LLC, C-Corporation, Joint Venture, Land Trust, or Limited Partnership – Entity Buy DOI Form

Extend the Terms of the Loan

If you and the borrower agree to extend or modify the terms of the original note, your asset must be updated within your Equity Trust account to reflect these changes.

By keeping us timely informed about any changes on your note, you’ll avoid unexpected distributions, potential tax consequences, and matured note related fees.

*Please note that the maturity date will not be updated with only our Promissory Note Status form. This internal document is used only to route your submission to the appropriate department for processing.

To complete this transaction:

1. 1. Gather supporting documentation, such as an amended note or note extension signed by both parties, along with our Equity Trust Promissory Note Status form. Failing to provide the required supporting documents will result in the maturity date not getting updated.
   2. Submit the note status form and the supporting documentation to 440-365-1444 or email to [email protected]

   Deem the Loan Uncollectible

   If the borrower is unable/unwilling to pay back the loan, the loan can be deemed uncollectible.

   In order to complete this transaction:

   1. Complete the Uncollectible Note Form
   2. Send the completed form, along with evidence that the note is uncollectible to Equity Trust

   If the note was secured and is uncollectible, a Fair Market Value Form must be completed for the asset that was pledged as collateral and submitted along with your completed Uncollectible Note Form.

   Seize the Collateral

   Seize the Collateral

   If the loan is secured by collateral, you may have the option to seize the collateral and replace the loan with the asset within your Equity Trust account.

   To do this, complete a Direction of Investment to add the seized asset to your account.

   Direction of Investment to add asset seized:

   • Real Estate – Real Estate Buy DOI Form
   • Mobile Home or other collateral – General Buy DOI Form
   • Interest in an LLC, C-Corporation, Joint Venture, Land Trust, or Limited Partnership – Entity Buy DOI Form

   Extend the Terms of the Loan

   Extend the Terms of the Loan

   If you and the borrower agree to extend or modify the terms of the original note, your asset must be updated within your Equity Trust account to reflect these changes.

   By keeping us timely informed about any changes on your note, you’ll avoid unexpected distributions, potential tax consequences, and matured note related fees.

   *Please note that the maturity date will not be updated with only our Promissory Note Status form. This internal document is used only to route your submission to the appropriate department for processing.

   To complete this transaction:

   1. 1. Gather supporting documentation, such as an amended note or note extension signed by both parties, along with our Equity Trust Promissory Note Status form. Failing to provide the required supporting documents will result in the maturity date not getting updated.
      2. Submit the note status form and the supporting documentation to 440-365-1444 or email to [email protected]

      Deem the Loan Uncollectible

      Deem the Loan Uncollectible

      If the borrower is unable/unwilling to pay back the loan, the loan can be deemed uncollectible.

      In order to complete this transaction:

      1. Complete the Uncollectible Note Form
      2. Send the completed form, along with evidence that the note is uncollectible to Equity Trust

      If the note was secured and is uncollectible, a Fair Market Value Form must be completed for the asset that was pledged as collateral and submitted along with your completed Uncollectible Note Form.

      Matured Promissory Note FAQs

      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.