What is a promissory note?

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Have you heard the term promissory note? Do you know what it is? It is a kind of written contract which is signed to show that money has been received and provides the terms for how that money will be paid back. You don’t always need to have one but there are several ways that having one can help both sides- the one who is making payments back and the one who is getting paid back. Besides the agreement to loan and be paid back it can include other things such as a demand for payment and who will pay costs and fees if the money is not paid as agreed.

After you watch this- if you have a loan you are making or getting- and want to know if you should have a promissory note- watch this:

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26 COMMENTS

  1. Hi mam, your explanation was good .I still have a doubt that if we lost the note ,is there any chance to recover that.

  2. If that it's so why the bank sells your promissory note once you sign it they cannot provide it back to you when you ask for it for your promissory note

  3. She can't back nothing up if the money in our pocket says "This note, is legal tender for all DEBTS, PUBLIC and PRIVATE" LOL

  4. I want to used a promissory note to buy a property. What I want to know is is the note made out to my account or the seller of the property account at closing of the note.

  5. Jan coldwater
    If you think SOCIETIES is a good think…..
    Research!
    Learn what GOVERN ment means.
    Study about Etymology…
    FRAUD?
    SYSTEM trap us in lies all time 24×7 365 days
    Why they dont go to PRISON?
    BECAUSE people like you
    Blind!
    What's money?
    Your mind prison….

  6. A promissory note is also a negotiable instrument in banking. Due to the fraudulent ways our monetary system creates money, debt being one of them, a PN can be used AS PAYMENT in of itself if written a certain way.

  7. What if I lend someone money with a promissory note and use their car as collateral and they sell it but they don't pay me back? Do I chase the new owners for the car or what happens there?

    Also what if they default on the payment and when I go to get the car, they purposely trashed it and made dents and cracked windows but not totaled?

  8. Hi thanks for the video, currently I am in transition for the note. How do I make it legitimate which make a legal proof if down the road I default or other party default. Do I need attorney or just sign on agreed terms and notarized it ?

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