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A promissory note is a document where you agree or promise to repay a certain amount of money to someone. If it is unsecured, it means that nothing was put up as collateral to back up your promise [such as a house, a car, stocks, etc. ].
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∙ 13y ago
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Can an unsecured promissory note be used for a deposit on purchasing a home?
No. An unsigned promissory note has no legal value whatsoever.
What is the difference between a Secured Promissory Note and a Promissory Note?
A secured promissory note has collateral attached - usually an item/items of value or a deposit. If the note is not fulfilled, the creditor can seize the collateral as payment. An unsecured note has no collateral attached.
Can an unsecured promissory note be discharged in California under Chapter 7 Bankruptcy?
Yes.
Is a negotiable promissory note owed to a friend a priority claim when filing for bankruptcy?
No, it would be a nonpriority, unsecured debt.
Wording for promissory note?
wording for promissory note with collateral
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
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.
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.
How can you use the word promissory in a sentence?
I have the promissory note to my house.
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.
Is the amount of promissory note is called maturity value?
No, the amount of the promissory note is the face vale not maturity value. Maturity value is the value of the money on the promissory note after a period of time.
