Why Zacks? Learn to Be a Better Investor. Forgot Password. A promissory note is a written agreement that the borrower will repay a specific sum of money by a set time. Although many promissory notes are prepared by attorneys, financial institutions and lenders prepare their own. You can write your own promissory note to document another's debt to you, and the court will uphold it as long as it contains the necessary legal elements.
Why Zacks? Learn to Be a Better Investor. Forgot Password. As long as all the legal elements are contained within the promissory note, it will bind both parties to the terms. The promissory note must list the parties, the amount of the loan and the repayment terms. Once signed, the promissory note becomes a binding contract, so all parties must agree to and understand the terms before signing. Start the opening paragraph by entering the personal information for each party.
Why Zacks? Learn to Be a Better Investor. Forgot Password. A promissory note is a legally binding document in which one party agrees to repay a specific sum to another party by a specific date.
Whether your business is loaning money to someone or you are personally loaning money, when you write a binding promissory note, it is a legal contract between the lender and the borrower. Promissory notes are commonly written by banks, lenders and attorneys, but a promissory note written properly can be just as legal when entered into by two individuals. Write the amount of the note.
The work was completed to a very high standard and in British-English as requested, as opposed to US-English last time and the writer was quick to message me on the chat system to clarify a revision that I requested to the work.