These are all things that needs to be watched over and dealt with by you, the payee. Let them go or miss something, and your whole investment could be wiped out and worthless. Thirdly, it's piece of mind. Once you get your cash, your only concern is how to spend or invest the cash that you deserve. You will receive a certified check or bank-wire, whichever you prefer.
Every state is different.
My brother, sister, aunt, cousin pays me. Hard to say. If you've let them slide on the payments, they may have a problem with us. We are very strict on borrowers if they fail to make their payments timely. Other than that, there's no real reason for them to be upset.