Legal advice

My friend borrowed money from me and is ready to issue a promissory note. However, I would like to avoid possible legal proceedings in the future if he fails to repay the debt within the promised period. Is there any document that would allow me to collect the debt without having to go to court?

03.04.2024 Irina Stromberga, lawyer

Yes, it is possible to conclude an agreement at a sworn notary’s for a certain period on the repayment of debt. The Notariate Law has a section on notarial deeds that are executed through the court. The notary has the right to draw up an agreement on the repayment of debt in the form of a notarial deed. If your friend does not pay the debt within the period specified in the agreement, you can go to the same notary and receive a notarial deed of enforcement, and then hand over this deed to a sworn bailiff for forced execution. There is no need to go to court to make a decision or obtain a writ of execution.

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