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A promissory note is a written promise, basically an IOU, to pay money to someone. A promissory note is an acknowledgment of debt with a written and unconditional promise to repay a loan or debt in a specified manner and within a specified timeframe. The chances of default cannot be minimized with a promissory note.
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A Promissory Note Release Form is a legally binding way of proving when a debt has been paid off, whether between two private individuals or involving a business.
The terms of the loan will be based upon the date the note is written.
A Secured Promissory Note can help convince a lender to make a loan and ensures the borrower will pay it back by the due date. Additionally, to secure the integrity of the loan, it is wise to draw up a promissory note. The chances of default cannot be minimized with a promissory note.
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