Personal loans between family members or friends.Ī promissory note is also referred to as a:.Some examples of when you might use a promissory note include: That payment is either on-demand or within a set period of time, depending on the terms of the note. Selling and Transferring Promissory NotesĪ promissory note is a written, enforceable agreement (promise) between a borrower and a lender, with the borrower agreeing to pay the lender back a specific sum of money.The document also acts as a formal record of the transaction. As such, the note should be finalized before any money changes hands. It includes all the terms and conditions of the loan transaction and ensures the parties have a thorough and complete written record of the deal and their intentions. The note clearly outlines the borrower’s promise to repay the lender within a specified amount of time fully. A Promissory Note is a legal document that sets out the details of a loan made between two people, a borrower and a lender.
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