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Yes, and if properly executed and witnessed it could be considered a legally binding contract.
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What is presentment of promissory note?
A "Promissory Note" is a legal IOU. 'Presentment' of it, means that you (or someone) is cashing it in, and wants to be paid.
Is an IOU considered a legal promissory note?
It depends on what was written on the IOU. An IOU is an informal declaration that one person owes some money to another. If that's all the writing states then it will not reach the status of a promissory note. A promissory note must meet certain legal requirements:must state the amount borrowed and from whom it was borrowedmust state when it will be paid backor, must state it will be paid back on demandmust be signed by the borrowerIt depends on what was written on the IOU. An IOU is an informal declaration that one person owes some money to another. If that's all the writing states then it will not reach the status of a promissory note. A promissory note must meet certain legal requirements: must state the amount borrowed and from whom it was borrowedmust state when it will be paid backor, must state it will be paid back on demandmust be signed by the borrowerIt depends on what was written on the IOU. An IOU is an informal declaration that one person owes some money to another. If that's all the writing states then it will not reach the status of a promissory note. A promissory note must meet certain legal requirements: must state the amount borrowed and from whom it was borrowedmust state when it will be paid backor, must state it will be paid back on demandmust be signed by the borrowerIt depends on what was written on the IOU. An IOU is an informal declaration that one person owes some money to another. If that's all the writing states then it will not reach the status of a promissory note. A promissory note must meet certain legal requirements: must state the amount borrowed and from whom it was borrowedmust state when it will be paid backor, must state it will be paid back on demandmust be signed by the borrower
If you loan your friend money should he sign a promissory note or an IOU?
Only if you ever want to see your money again.
When should one get a promissory note?
A promissory note is to provide and record details of a loan. One should receive one if a personal loan, business loan or real estate transaction has taken place. A promissory note is legally binding and can be used in a court of law if the borrower does not pay. It is a more complicated version of an IOU.
Can you do a promissory note with no money exchanged?
Yes, but it wouldn't necessarily be binding as there must be consideration provided by both parties to such a agreement. The note would have no value and would be nothing more than an IOU.
What is an example of a promissory note?
putang ina i print ninyo ito siguro taga mon------i school sa bayan nagtatanong nito
Wording for promissory note?
wording for promissory note with collateral
Is a promissory note the same as a written contract?
A promissory note is a kind of written contract. The statutues and conditions under which it can be enforced are determined by the laws of the state in which it is drafted.
what is a cash flow note?
In the language of the private cash flow business the word "note" is shorthand for promissory note. While it is easy to get tripped up in the various types of notes, this term refers to an official IOU; the right to collect payments based on terms outlined in the promissory note itself. http://ezinearticles.com/?What-is-a-Cash-Flow-Note?&id=1443655 what is cash flow note A cash flow note is a written document where someone promises to pay. The amount, the interest rate and the length of time will be printed on the note. It is a promissory note or a debt. To use them you would be a debt collector.
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
How do you issue a promissory note?
A promissory note is a fancy legal name for a legally phrased I.O.U.
Amount of promissory note is called?
The amount written on the face of a promissory note is called face value or principal. The date on which the promissory note is written is called the issue date.
