Promissory Note

A promissory note is a legal instrument (more particularly, a financial instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. If the promissory note is unconditional and readily salable, it is called a negotiable instrument.Referred to as a note payable in accounting (as distinguished from accounts payable), or commonly as just a "note", it is internationally defined by the Convention providing a uniform law for bills of exchange and promissory notes, although regional variations exist.
Posts about Promissory Note
  • What Happens to My Student Loans During Bankruptcy?

    …, not the government, and the agreement is governed by the terms of the loan. Privately funded loans may allow for dischargeability in a Chapter 7 bankruptcy filing but a borrower should consult a skilled bankruptcy attorney before doing so. Consult a St. Louis Bankruptcy Attorney Today Student loan debt makes the already stressful bankruptcy process even more… 11 readers -
  • Original Notes and Loan Papers: What Does a Lender Need to Foreclose?

    … of the promissory note but need not show possession of the mortgage itself. So the question remains, how does a plaintiff “show possession” of the promissory note? Does the original need to be produced? Possession of the Original Promissory Note in New York In accordance with the common law “best evidence rule,” a party seeking to prove the disputed…

    Ronald D. Weiss, PC- 12 readers -
  • Current Morgan Stanley Recruitment Deal

    … Current Morgan Stanley Recruitment Deal Posted on Tuesday, December 27, 2016 at 10:45 AM Morgan Stanley has marketed a recruitment deal to financial advisors which consists of an upfront cash payment between 100% and 175% with a 9 year term in place. The hurdles in order to meet back-end production goals under the deal are: YEAR 1: HURDLE…

    Eccleston Law Offices- 21 readers -
  • Standing and the Possession of Original Loan Documents in a New York Foreclosure

    … and note, as all interaction is with the mortgage servicer. A mortgage servicer is the party contracted by the owner, under a Pooling and Servicing Agreement[3] (PSA), to manage the loan, including, send statements, collect and apply payments, run the escrow analysis, make tax and insurance payments, and engage in loss mitigation if the borrower falls behind…

    Ronald D. Weiss, PC- 31 readers -
  • When Lawyers Cross State Lines – Legal Malpractice

    … securities lawyer is receiving that lesson first hand. According to a New Jersey Appellate Division opinion, Michael Gardner is a lawyer practicing in Philadelphia. One of his former securities clients, however, was a small financial planning and brokerage firm in Tinton Falls, New Jersey, called Cantone Research. When the client became dissatisfied…

    Legal Malpractice - Chris Trebatoski- 37 readers -
  • Enforcement of Lost Mortgage Notes

    … mortgage notes in the case of StateStreetBank and Trust Co., Trustee for Holders of Bear Stearns Mortgage Securities, Inc. Mortgage Pass-Through Certificates, Series 1993-12 v. Harley Lord, et al., 851 So.2d 790 (Fla. 4th DCA 2003). The Court held that StateStreet could not maintain a cause of action to enforce a missing promissory…

    Miami Bankruptcy Law Blog- 36 readers -
  • Beware of Lenders Who Offer “Quick Cash” by Sending Checks in the Mail

    … is an unsecured loan because no collateral was taken to secure loan. Assuming the consumer begins to make payments to the lender after cashing the check, the lender may contact them to thank them for their business and offer them more money. The catch is that at this time, the consumer must come into the office to sign a promissory note and the lender may…

    Mary Pool/ Bond and Botes- 28 readers -
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