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Is a promissory note secured debt

Is a promissory note secured debt

The Promissory Note does not create a secured debt; it merely creates an unsecured debt because there is no collateral. A Negotiable CAP Security Instrument that pays off or Discharges the debt is a bank-verified security negotiable instrument.. The second instrument to a mortgage, the recorded Deed of Trust or mortgage contract lien security, or…

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Is a Promissory Note a Security?

Is a Promissory Note a Security?

Under current law, whether a note is a security depends on whether the note looks like a security and has a maturity date over 9 months. The Credit Agreement Payoff or CAP Security Instruments are registered securities that all banks have accepted to pay off debt and look like any other Security in form with…

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Is a promissory note a negotiable instrument?

Is a promissory note a negotiable instrument?

Although possibly non-negotiable, a promissory note may be a negotiable instrument if it is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand to the payee, or at fixed or determinable future time, certain in money, to order or to bearer, and has a maturity date of nine…

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