This is a Promissory Note for your state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.
Georgia Promissory Note With Chattel Mortgage
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A promissory note is a key piece of a home loan application and mortgage agreement, ensuring that a borrower agrees to be indebted to a lender for loan repayment. Ultimately, it serves as a necessary piece of the legal puzzle that helps guarantee that sums are repaid in full and in a timely fashion.
A Georgia promissory note must be signed and dated by the borrower and a witness. It should also be notarized.
Secured Promissory Notes A secured promissory note is an obligation to pay that is secured by some type of property. This means that if the payor fails to pay, the payee can seize the designated property to obtain reimbursement of the loan.
A secured promissory note should clearly identify the collateral backing the loan. For example, if collateral is being secured by business vehicles, the note should provide their vehicle identification numbers. A small business that is extending credit should also verify collateral is worth enough to cover the debt.
At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
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Mortgages are often confused with mortgage notes, despite being different. At 163 (referring to a 1640 power of attorney).1 Plaintiff later sued in equity, and the court can- celled the promissory note and chattel mortgage. A chattel mortgage as security in favor of the payee company.