Albuquerque New Mexico Promissory Note in Connection with Sale of Motor Vehicle
Category:
State:
Multi-State
City:
Albuquerque
Control #:
US-02680BG
Format:
Word;
Rich Text
Instant download
Description
A promissory note is a written promise to pay a debt. It is an unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to the order of a specified person or to the bearer.
A promissory note should have several essential elements, including the amount of the loan, the date by which it is to be paid back, the interest rate, and a record of any collateral that is being used to secure the loan. Default terms (what happens if a payment is missed or the loan is not paid off by its due date) should also be spelled out in the promissory note.
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