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No....a promissory note is not valid without a consideration.
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∙ 13y ago
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Is a promissory note binding if there is no consideration in return?
In order to have a promissory note there must be consideration. If a bank gives you a mortgage, then the home is consideration for your payments.
If you have a promissory note based on a business loan and you file bankruptcy on that business loan is the promissory note still valid?
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
Wording for promissory note?
wording for promissory note with collateral
Where can one find a free promissory note template?
One is able to find a free promissory note template both online at promissory note template website, and on Microsoft where there is a program dedicated to letter and note making.
Where can you find a template for a promissory note for a friend?
The ECSI website has lots of the promissory notes. The ECSI website also has the template which will help in the writing of the promissory note.
Is a promissory note binding if there is no consideration in return?
In order to have a promissory note there must be consideration. If a bank gives you a mortgage, then the home is consideration for your payments.
Is a promissory note valid if initials are forged?
A promissory note must be signed by the borrower. The document is not valid if it is a forgery as with any signed document.
A personal promissory note was drawn between two individuals in the state of Texas and the lender since died. How long does the executor have to enforce the promissory note. Is it still valid?
The note is no longer valid because it is a personal promissory note. If you want to honor it, that is your decision.
If you have a promissory note based on a business loan and you file bankruptcy on that business loan is the promissory note still valid?
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
If you sign a promissory note for a down payment on a car and they do not sell you the car is the note still valid?
If you signed a promissory note and the person decided not to sell you the car, you do not have tobpaybthe down payment. The person has already voided the promissory note by not selling to you.
Wording for promissory note?
wording for promissory note with collateral
A personal promissory note was drawn between two individuals in the state of Texas and the lender since died. How long does the executor have to enforce the promissory note?
A personal promissory note ceases to be valid after the person has died. The law differs from state to state so it is best to check with the probate court or an estate attorney for details.
If you have a promissory note with someone and they die are you still responsible to pay the debt?
No. Without both signatures, the promissory note is not legal. As the other party is deceased, there is no way to collect that signature to make the note valid.
How do you issue a promissory note?
A promissory note is a fancy legal name for a legally phrased I.O.U.
Amount of promissory note is called?
The amount written on the face of a promissory note is called face value or principal. The date on which the promissory note is written is called the issue date.
How can you use the word promissory in a sentence?
She signed a promissory note as a commitment to repay the loan on time.
What is a sentence for promissory note?
I needed to sign a promissory note for my student loan money.The bank is legally owed money when you sign a promissory note.The promissory note was only one page long but used complicated language.
