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A promissory note is a written, legal binding document that obligates one or more persons to pay a person or a business for a loan or collateral. The most common type of promissory note is a loan for a car. If you take out a car loan and you make monthly payments, you signed a promissory note to make those payments. If you don’t make your payment, the financier has the legal right to reclaim the collateral and take you to court to get a judgment for the unpaid amount of the loan.Get started now ›
Promissory notes can be extremely simple and no more than a paragraph long or it can be extremely detailed and formal in nature. Regardless of the length, promissory notes all contain basic elements.
Both parties should keep a copy of the promissory note for their records. In more complex promissory notes, other provisions include whether the parties must try mediation or arbitration instead of filing a lawsuit. It may also list which jurisdiction would prevail if a lawsuit were filed.