Mortgages

Who are the original parties to the promissory note?

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2010-12-04 15:46:20
2010-12-04 15:46:20

The borrower and the lender.

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Absolutely not. A promissory note cannot be altered by either party after it has been signed, unless both parties agree to the changes in writing and signed by both parties.Absolutely not. A promissory note cannot be altered by either party after it has been signed, unless both parties agree to the changes in writing and signed by both parties.Absolutely not. A promissory note cannot be altered by either party after it has been signed, unless both parties agree to the changes in writing and signed by both parties.Absolutely not. A promissory note cannot be altered by either party after it has been signed, unless both parties agree to the changes in writing and signed by both parties.


Anyone can write it as long as it reflects the understanding of both parties to the note.



wording for promissory note with collateral


A loan is a sum of money which is borrowed on the condition that it will be paid back.A promissory note is a written promise to pay the loan that sets forth the terms of the loan and is signed by both parties.


No....a promissory note is not valid without a consideration.


Generally, if a promissory note is not signed, it is not enforceable. The statute of frauds may also make the promissory note unenforceable.


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.



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.


I have the promissory note to my house.


A promissory note is a promise to pay. The most common parts of a promissory note include the lender's name, the borrower's name, the amount of money, and the due date.


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.


difference between bill of exchange and 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.


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.


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.


The following are the main differences between a Bill of Exchange and a Promissory Note:A Bill of Exchange is an unconditional order to pay money, whereas a promissory note is an unconditional undertaking or promise to pay money to a certain person.In a Bill of Exchange, there are three parties, viz., the drawer, the drawee and the payee. In a Promissory Note, there are only two parties, viz., the Maker and the Payee.In case of usance (Time) bill, acceptance of the bill is necessary, whereas in a promissory note no such acceptance is required.While foreign bill of exchange is drawn in sets of three, foreign promissory note requires no such sets.In case a foreign bill of exchange is is dishonoured, protesting is compulsory. But when a foreign promissory note is dishonoured, no protesting is required.In case a bill of exchange is dishonoured, a notice of dishonour is required to be given by the holder to the maker of the bill (= drawer). However, in case a promissory note is dishonoured, no notice of dishonour is required to be given by the holder of the maker of the promissory instrument.The liability of the drawer (= maker) of a bill of exchange is secondary, whereas, the liability of the maker of a promissory note is primary.A bill of exchange is drawn for financing trade, whereas, the liability of the maker of is a promissory note is primary.When a bill of exchange is made payable to the bearer, it is not considered as illegal. But a Promissory Note, which does not contain the payee's name, but states that it is payable to bearer, it becomes illegal.In a bill of exchange, the drawee can put conditions subject he will accept the bill. but in a promissory note a maker cannot put any conditions on it.M.J. SUBRAMANYAM, BANGALORE


A "Promissory Note" is a legal IOU. 'Presentment' of it, means that you (or someone) is cashing it in, and wants to be paid.


The most important signature on a promissory note is the borrower. Many are also signed by the lender.


Please see the resource center at www.one2onelending.com for all of your promissory note questions.


No. An unsigned promissory note has no legal value whatsoever.


A promissory note (which is usually referred to simply as a note) is a written promise to pay a specific sum at a definite future date.



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