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 Minnesota Promissory Note — With Acknowledgment is a legally binding document that outlines the details of a loan agreement between a lender and a borrower in the state of Minnesota. This document serves as evidence of the borrower's promise to repay a specific amount of money borrowed from the lender, along with any applicable interest. The promissory note with acknowledgment contains several essential components, such as the names and contact information of both parties involved, the principal loan amount, the interest rate (if applicable), the repayment terms, and any other specific provisions or conditions agreed upon by both parties. Under Minnesota law, it is highly recommended, and in some cases, mandatory, to have the promissory note notarized or acknowledged by a notary public. The acknowledgment serves as an official verification of the borrower's signature and ensures its authenticity. Different types of Minnesota Promissory Note — With Acknowledgment include: 1. Secured Promissory Note: This type of note includes an additional provision where the borrower pledges collateral, such as real estate, vehicles, or other valuable assets, to secure the loan. This provides the lender with an added layer of security in case of default. 2. Unsecured Promissory Note: In contrast to a secured note, an unsecured promissory note does not require any collateral. The borrower's promise to repay the loan is solely based on their creditworthiness and financial standing. 3. Demand Promissory Note: Unlike most promissory notes, which have fixed repayment terms, a demand note allows the lender to request repayment of the loan amount whenever they choose. This type of note typically provides flexibility to the lender in managing their finances and accessing the funds as needed. 4. Installment Promissory Note: This type of promissory note divides the loan repayment into regular installments over a specified period. The installment amount may include both principal and interest, allowing the borrower to pay off the loan gradually. Whether it is a secured or unsecured, demand or installment note, a Minnesota Promissory Note — With Acknowledgment serves as a legal contract that protects both the lender's and borrower's interests, ensuring transparency and clarity regarding the loan agreement's terms and conditions. It is always advised to consult with a legal professional to ensure the note complies with Minnesota state laws and fully protects both parties.
