Unless there is a time period specified on the note after which it becomes null and void, a promise to pay something to someone is ALWAYS valid until it is satisfied, and it also is binding obligation on the debtors estate.
Unless there is a time period specified on the note after which it becomes null and void, a promise to pay something to someone is ALWAYS valid until it is satisfied, and it also is binding obligation on the debtors estate.
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.
wording for promissory note with collateral
Yes, a relative can witness a promissory note as long as they are not a party to the agreement and do not have a financial interest in the transaction. However, it is generally recommended to choose a neutral third party as a witness to avoid any potential conflicts of interest or challenges to the validity of the document.
No....a promissory note is not valid without a consideration.
She signed a promissory note as a commitment to repay the loan on time.
It could be considered 'extra insurance' pertaining to the validity of the note, but it isn't necessary. As long as the terms of the agreement are stated accurately and clearly and the note is signed by the borrower, it is legal.
A promissory note is a fancy legal name for a legally phrased I.O.U.
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.
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.
difference between bill of exchange and 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.