Everyone likes to collect the money owed to them. This is why banks use promissory notes when extending you a mortgage or car loan. The promissory note is basically an "I Owe You" with an official ...

Quite simply, a promissory note is a promise to pay or IOU. It is a formal commitment (also known as a loan agreement or contract) between two parties that is usually necessary when money is borrowed ...

When you take out a mortgage, or any other kind of loan, the law requires you to sign a document that signifies your agreement to repay the money. The promissory note represents a binding legal ...