Bexar Texas Multistate Promissory Note - Secured

Name: Bexar Texas Multistate Promissory Note - Secured
Brand: US Legal Forms
Rating: 4.72 (349 reviews)

Category:

Promissory Notes - Secured

State:

Multi-State

County:

Bexar

Control #:

US-00601-A

Format:

Instant download

Description

This form is a secured Promissory Note. The borrower promises to make all payments on the loan, with interest, to the lender. The form also provides that the maker has the right to make full or partial prepayments without paying prepayment charges.

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FAQ

Unlike a mortgage, the promissory note isn't recorded in the county land records. The lender holds the promissory note while the loan is outstanding. When the loan is paid off, the note is marked as "paid in full" and returned to the borrower.

Texas does not have a mortgage tax on the financing of real property. Only a nominal recording fee is payable when the deed of trust securing the promissory note is recorded in the county recorder's office where the real property is located.

The borrower agrees to pay a certain amount of money (which may include interest on principle), in installments, on demand or in full at a specified time. Today's promissory notes usually fall into two camps: secured and unsecured.

In general, under the federal Securities Acts, promissory notes are defined as securities, but notes with a maturity of 9 months or less are not securities.

Promissory notes are typically recorded as public documents and accessible shortly after the closing. The trustee maintains the original deed until the loan is satisfied.

A Promissory Note may be secured or unsecured. In case of a secured note, the borrower will be required to provide a collateral such as property, goods, services, etc., in the event that they fail to repay the borrowed amount.

Search the county recorder's records. Promissory notes are typically recorded as public documents and accessible shortly after the closing. The trustee maintains the original deed until the loan is satisfied.

A note is a debt security obligating repayment of a loan, at a predetermined interest rate, within a defined time frame. Notes are similar to bonds but typically have an earlier maturity date than other debt securities, such as bonds.

So, what's the difference between secured and unsecured promissory notes? It's actually quite simple. A secured note is any debt collateralized with real property like a first deed of trust or car title. Conversely, an unsecured note is any debt not secured by collateral (or uncollateralized).

The promissory note journal entry is recorded by debiting the account that receives value, commonly the cash account, and crediting the notes payable account.

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The Toyota automobile manufacturing facility to Bexar County. Notes to Schedule of Expenditures of Federal Awards .Note: No information in the text has been updated. The Promissory Note. The bail system in haste, without careful planning, can actually drive up incarceration rates. We are completing plans for the Advanced Tax. Note 1: This AD applies to each airplane identified in the preceding applicability provision, regardless of whether it has been. Proceedings and deadlines in the Debtor's bankruptcy case. Called, would fill the critical police communication need that was documented in a survey of some 500 law enforcement agencies.

Bexar Texas Multistate Promissory Note - Secured

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