I live in Georgia and entered into a promissory note with a friend two years ago. Originally there were two notes that were consolidated into one. My friend wanted to invest in securities with me, and gave me 50K to open an account with. I told him I didn't want him to risk the money (stupid) - and that I would pay him 5% interest monthly on the 50,000. At the end of one year, if there were profits we would split them (or keep them in the account) and if there was a deficiency, we could extend the note another year. The note was signed by me and executed just before the stock market crash!

In 2009 we wrote an extension that said because of the stock market difficulties and so on, the note would continue for another year when it would be "due" - all that other conditions of the loan were just like the original - and we both signed it.

In 2010 the note was extended again and I continued to pay all the interest payments as instructed and on time.

This year, my friend decided he wanted ALL of the 50k back in one lump sum. He won't sign an extension like he did the previous two years. So without an extension, I can't pay anything. He won't even take any interest payments and refuses to negotiate any other terms.

I looked over the verbiage of the note again, and although the extension says the note will be due in a year - my understanding was just like in the previous two years, if there is a deficiency we extend it, --- So can he really force me to default?

I received a summons a week ago, and tried offering a lump sum to settle the debt - but not for the 50,000. Is there any way to force a negotiation with this guy? I don't dispute I owe him the 50k, and I want to pay it, I just need time to pay it.