Monday, August 15, 2011

Promissory Note

What is a Promissory note? A promissory note is a legal agreement in which you promise to pay money you have borrowed. It is just the legal version of and IOU. There are a variety of plans available to repay the note.

The note may be repaid in one lump sum, in smaller weekly or monthly payments or payable on demand meaning when your lender demands payment.

It is very important to remember only sign one copy of a promissory note! Each note that you sign you are a making an agreement to pay even if it is the same note. For example if you sign three copies of the same note you have agreed to pay three times the same loan. If copies are to be made they should be done before the note is signed so there will not be any mistakes. So it is very important to make sure you only signed a promissory note one time.

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