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What is the difference between a promissory note and straight note?
Wiki User
∙ 14y ago
A promissory note is a contract where one party (the maker or issuer) makes an unconditional promise in writing to pay a sum of money to the other (the payee). They differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists.
A Straight note is a promissory note serving as evidence of a nonamortizing loan that calls for the payment of the entire original principal on a specific date. Interest may be paid periodically or accrue until the principal is due. Straight notes are often short-term (three- to five-year) secondary financing used in conjunction with a first trust deed or mortgage for a real estate purchase.
Wiki User
∙ 14y ago
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Insturctions on filling out straight note secured by deed of trust?
What is the difference between a straight note and a promissory note:
Difference between bill of exchange and promissory note?
difference between bill of exchange and promissory note?
What is the difference between a Secured Promissory Note and a Promissory Note?
A secured promissory note has collateral attached - usually an item/items of value or a deposit. If the note is not fulfilled, the creditor can seize the collateral as payment. An unsecured note has no collateral attached.
What is the difference between a Promissory Note and a Loan?
A loan is a sum of money which is borrowed on the condition that it will be paid back.A promissory note is a written promise to pay the loan that sets forth the terms of the loan and is signed by both parties.
Is a handwritten promissory note legal in the state of Maryland?
Yes, if properly signed. There is no legal difference between handwritten and typed documents.
Wording for promissory note?
wording for promissory note with collateral
A personal promissory note was drawn between two individuals in the state of Texas and the lender since died. How long does the executor have to enforce the promissory note. Is it still valid?
The note is no longer valid because it is a personal promissory note. If you want to honor it, that is your decision.
Difference between a bond and a promissory note?
The major difference between a bond and a promissory note is that a bond has longer maturity terms. Also, a bond is released in a stamped, certified and official series. A promissory note is made on an individual basis and specifies the terms of the loan including interest and maturity date.Second, bonds are released in an official, stamped and certified series, each bond being for a similar amount and on similar terms, while promissory notes are made on an individual basisRead more : http://www.ehow.com/about_6516863_comparison-bond-vs_-promissory.html
International bill of exchange?
International Bills of exchange or IBOE (promissory note or certificate of deposit) are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation. If these bills are issued by a bank, they can be referred to as bank drafts. If they are issued by individuals, they can be referred to as trade drafts. The only difference between a promissory note and a bill of exchange is that the maker of a note pays the payee personally, rather than ordering a third party to do so. When a bank is the maker promising to repay money it has received plus interest, the promissory note is called a certificate of deposit (CD). mtnbgAThotmailDOTcom
What is the minimum allowable interest rate on a promissory note between two private parties in the state of Florida?
Minimum interest upon promissory note in wisconsin Loo
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.
