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What Is a Promissory note? Definition, Uses and Importance.

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A promissory note is a signed document containing that written promise to pay or repay a stated sum of money to a specified person or the bearer at a specified date or on-demand.

A promissory note is a financial instrument that contains a written promise by one party to pay another. Promissory notes can enable anyone to be a lender, often with less risk than investing in stocks or bonds.

Legally binding promissory notes

Promissory notes are legally binding whether the note is secured by collateral or based only on your promise of repayment. If you lend money to someone who defaults and does not repay, then they will be giving up any property promised as a way for them to pay back their debt.

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