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A promissory note is a written promise to repay a loan or debt under certain terms. The party who makes the promise is the promisor (also called the maker or issuer). The person to whom the promise was made is the promisee. A promissory note is generally an unsecured obligation. (However, it can be used in combination with a mortgage to secure real estate.) If it is not paid the promisee can sue in court as long as the note is valid and within the statute of limitations for collection.
An attorney can draft the note, forms can be purchased or the parties can draft their own agreement. However, only a valid promissory will stand up in court if the promisor fails to pay.
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Who signs a promissory note?
The most important signature on a promissory note is the borrower. Many are also signed by the lender.
How can you be an administrator on Apple computers?
An administrator is the person who first signs in a creates an account into an Apple computer.
Can a promissory noted be enforced after the debt was acquired?
If you mean that a note to pay back the debt was signed by the debtor upon the debt being acquired, then yes. Any note that the person signs saying he or she will pay back a debt is a legally binding agreement.
If you have a lien on your home and you lose your home do you still have to pay?
Yes. The lien is simply a method by which a debt is secured. If the lien is on the house and the house is lost, the only thing the creditor loses is the security for the debt. The debt remains payable. If a person buys a house and borrows $100,000 to help pay for it, that person signs a promissory note to establish the debt and signs a mortgage to establish the bank's lien on the house as security for the debt. If the house burns down and there is no fire insurance, the bank has lost the security for the debt but it has not lost the debt. The mortgage (security) is useless because there is no house, but the promissory note (debt) remains in effect.
What are the terms of a chattel mortgage?
the buyer signs a promissory note, secured by the product, that constitutes a promise to repay the debt. The mortgage will typically contain an acceleration clause
What are the signs and symptoms of unhealthy person?
what are the signs & symptoms of an unheathy person
Who creates and improves Wikipedia articles?
Anyone who signs up for an account on Wikipedia.
What are neon signs made out of?
They are made out of glass as a the tube and there is no active filament what actually creates the glowing is there is a gas inside the tube and the electricity that runs to it creates the gas to ionize which creates light.
Understanding a Promissory Note?
A promissory note is a signed note from one person to the other guaranteeing (promising) to pay an exact amount of money when it comes due or upon demand by the lender. Promissory notes are legally binding. That means if a borrower signs the note and does not pay the money back as promised, regardless of whether it is an individual or a business loan, the lender may sue in court for the amount of money owed. Promissory notes are much like a contract and can be used in various situations to meet one end. The end is to gain a written promise of payment from any source. For instance, bill collectors will often ask past due customers to sign a promissory note as a promise to pay back money owed. The note can later be used in court if necessary on the bad debt. A promissory note has several bits of information that seal the agreement. The first thing on the note is the principal amount owed. The principal is the actual amount of money borrowed. It does not include interest or any other possible amounts that might be added to the total due, depending on when the money is paid off. The interest rate on the loan (if interest is being charged) will also be on the promissory note. The interest rate is agreed upon and signing the note is acknowledgement that it is accepted by the borrower. Names of both parties are added to the note. Parties are the people involved in the loan. There are two types of promissory notes. The first is one with a maturity date. The maturity date is the date that the loan expires and action can be taken by the lender if not paid in full. The second is an on demand note. This note does not include a maturity date but the loan can be called in at any time. If the lender calls the note and the borrower does not pay the money back, the lender can take further action. The borrower's rights should be prominently posted on the promissory note. It should include what actions will be taken if the borrower defaults on the loan. This could include repossession of a vehicle, foreclosure on a property or a lien on a paycheck. It is the borrower's responsibility to understand his or her rights before signing the agreement.
If only one spouse signs a promissory note can the other spouse be held responsible to pay it?
In most cases, yes, they can be held responsible. They are considered to have benefited from the note.
What are notes in?
Notes in music are the little "signs" on a bar graph. They tell you which notes to play, how fast to play them, and in which order to play them. I am sure you could find lessons on how to read them on YouTube.
When there are five flat signs at the beginning of a bar what notes are flat?
The song is in Ab....
