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A signed document containing a written promise to pay a stated sum to a specified person/institution or the bearer at a specified date is known as a Promissory Note.
What is a promissory note?
IOUs, loan agreements and simple notes are other names for promissory notes. It is a formal document that states that the borrower has agreed to pay the lender a specific sum of money within a specific time limit. A legal commitment to repay the debt is established by this type of document, which is also enforceable in court.
People can borrow money through banks and other lending organizations.
Promissory notes are enforceable in court regardless of whether they are secured by real estate or are simply based on a promise to pay. A borrower who breaches a promissory note and fails to make payments may legally repossess any property offered as security.
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