The acknowledgement is the section at the end of a document where a notary public verifies that the signer of the document states he/she actually signed it. Typical language is: "State of ______, County of ______ (signed and sealed) On ____, 20__, before me, a notary public for said state, personally appeared _______, personally known to me, or proved to be said person by proper proof, and acknowledged that he executed the above Deed." Then the notary signs the acknowledgment and puts on his/her seal, which is usually a rubber stamp, although some still use a metal seal. The person acknowledging that he/she signed must be prepared to verify their identity with a driver's license or other accepted form of identification, and must sign the notary's journal. The acknowledgment is required for many official forms and vital for any document which must be recorded by the County Recorder or Recorder of Deeds, including deeds, deeds of trust, mortgages, powers of attorney that may involve real estate, some leases and various other papers.
Acknowledgments may also be drafted to affirm a variety of matters, acting in effect as a written confirmation of an act such as receipt of goods, services, or payment.
A Kentucky Promissory Note — With Acknowledgment is a legally binding document that outlines the terms and conditions of a loan agreement in the state of Kentucky. This note serves as evidence of the borrower's promise to repay a specified amount of money within a predetermined timeframe, along with any applicable interest or fees. The "With Acknowledgment" aspect of the Kentucky Promissory Note refers to the inclusion of an acknowledgment section where the borrower acknowledges their intent to repay the debt. This section typically includes the borrower's signature, date, and a statement affirming their understanding and acceptance of the terms outlined in the note. There are different types of Kentucky Promissory Notes — With Acknowledgment that can be tailored to suit specific loan situations: 1. Unsecured Kentucky Promissory Note — With Acknowledgment: This type of note is used for loans that are not secured by any collateral. In such cases, the borrower's promise to repay the loan rests solely on their creditworthiness and personal guarantee. 2. Secured Kentucky Promissory Note — With Acknowledgment: Unlike unsecured notes, secured notes require the borrower to pledge collateral to back the loan. In case of default, the lender has the right to seize and sell the pledged asset(s) to recover the outstanding amount. 3. Installment Kentucky Promissory Note — With Acknowledgment: This note is used when the loan amount is to be repaid in periodic installments over a specified duration. Each installment consists of a portion of the principal amount along with accrued interest. 4. Balloon Kentucky Promissory Note — With Acknowledgment: Balloon notes are structured so that the borrower makes regular payments for a predetermined period, at the end of which a large, "balloon" payment is due. This type of note is commonly used for larger loan amounts or specific loan situations. 5. Demand Kentucky Promissory Note — With Acknowledgment: This note allows the lender to call for immediate repayment of the full loan amount at any time, without prior notice. Demand notes provide flexibility for both parties and can be useful in situations where unexpected circumstances arise. Regardless of the type, a Kentucky Promissory Note — With Acknowledgment is an important legal document that establishes the loan agreement, protects the rights of both parties involved, and ensures compliance with Kentucky state laws governing lending and borrowing activities. It is crucial for borrowers and lenders to carefully review and understand the terms outlined in the note before signing to avoid any misunderstandings or disputes in the future.
