How do I create a promissory note that protects me for services rendered?
Q. I know Company A who sells widgets for $1.00 each. I also know Company B who wants to buy the widgets. By introducing A to B they will both get what they want. I want to get a commission from Company B of .10 (ten cents) for any widgets they buy. Should I and can I use a promissory note signed by Company B to make sure I get paid? What would it look like?
Asked by mister_logan5 - Thu Aug 20 02:23:55 2009 - - 1 Answers - 0 Comments

A. You could, but only for the initial sale. After that, you are no longer the broker... a better idea is to get a purchase or from Company B for say... $1.15 ea, and YOU buy the widgets at a buck and sell them to Company B yourself. Company A never learns of Company B, and vice versa... THEN you have a steady income stream, because you are a critical cog in the supply chain. Once A finds out about B... you are SCREWED.
Answered by Smilin'_Bob_The_Enzyte _Guy - Thu Aug 27 17:52:41 2009

How does a promissory note work for a title to a house?
Q. I called a lawyer wanting to set up a consultation to set up a land contract to buy a house. He said his preference for me, and the owner I'm buying from, would work better if a promissory note was signed and a title search was done. He said in the end I would have the title and own equity, but the owner would own the house and it'd be like a lien til I paid it off. Does this make sense? Do you think the owner is likely to go this route rather than the land contract?
Asked by PlasticTrees - Thu Feb 15 16:43:48 2007 - - 1 Answers - 0 Comments

A. Yes... it make sense... what you're doing is buying the property on contract. It's a great way for many people you have less that perfect credit or maybe just no down payment to own property. It's only slightly different from getting a loan from the bank. Because in reality, when you get a loan from a bank, the bank actually "owns" the property until you pay it off. The only real risk involved in signing a promissory note is that if you are unable to make the payments in the future, many of them have a clause that says that the orignal owner gets the property back, and they keep everything that you've paid to date. Whereas a bank loan will normally afford the the opportunity to try and sell the property yourself and allow you to… [cont.]
Answered by JT - Sat Feb 17 12:55:10 2007

Is a promissory note a legit contract to let someone borrow money and hold them legally responsible to pay bac?
Q. If not.. then what should I use? Also... can the blanks in the contract stating name and amount and such be written in or do they have to be typed? And where could I find a good promissory note template?
Asked by hi - Sat Dec 6 08:25:17 2008 - - 1 Answers - 0 Comments

A. Requirements for a promissory note are that it be in writing (handwritten or typed). The amount borrowed clearly set forth. The date the promissory note was written. The date or method of determining to due date of the loan. The promissory note must be signed by the party or parties who are responsible for repayment. A number of promissory notes can be found by searching for "free legal forms" Forms can be purchased at any office supply stores The most common mistake is to set an interest rate higher than your State allows. In that case you can collect only the same amount you lent at the end of the time for repayment. Remember you are not a bank and private lenders do not have the same rights to lend at the amounts charged by… [cont.]
Answered by BLCOHEN529 - Sat Dec 6 09:11:53 2008

What happens if a mortgage lender loses a promissory note?
Q. Is the lender out of luck on trying to receive payment if they admit to losing the promissory note?
Asked by lisadirect - Thu Oct 23 18:28:52 2008 - - 3 Answers - 0 Comments

A. Depending on what part of the country you are in, there may be two parts to your loan "contract". The legal contract containing the terms of the loan is called a promissory note. It specifies the principal amount, the interest rate, and the timing of the payments. The promissory note is collateralized, or secured, by a second document. Where I use to live, that was a mortgage deed which enabled the bank to foreclose if I didn't honor the promissory note. In other areas that security document is a trust deed, or even a contract deed. I KNOW the security document (mortgage deed, trust deed, contract deed) gets recorded, but I'm not sure the promissory note always gets recorded. You can goto the County Recorder and check what is recorded… [cont.]
Answered by AllCourt - Thu Oct 23 21:10:03 2008

how do I receive monies owed from promissory note when other party is stating that I altered the document?
Q. Promissory note for $8K with interest in hand other party returned demand letter stating that I altered the document.Totally false have other items with his handwriting. Where do I go after his denial of note???
Asked by rkuhnellpt - Sun Sep 23 16:33:01 2007 - - 3 Answers - 0 Comments

A. Unfortunately you need to see an attorney (if you must use an attorney make sure you get a referral from the bar association or local law school don't just use an attorney from TV or the yellow pages). The other alternative is to check and see what the maximum amount you can claim in small claims court. Some states allow up to a $10,000 claim. If you can go the small claims route it will probably be better since you can save the attorney fees. When you file the claim do not forget to include the interest. Also note that there are handwriting and documents experts that can verify that there has been no forgery. This person might just be counting on you dropping this and not pursing your claim. Good Luck
Answered by Margarita D - Sun Sep 23 17:02:36 2007

Does signing a Promissory Note mean that I got accepted for my student loan?
Q. When I applied for my Student Loan, the Promissory Note popped up and I was wondering.. If I sign it, does that mean that I got the loan?
Asked by nmrenard - Thu Jul 30 20:37:59 2009 - - 2 Answers - 0 Comments

A. nmr: This loan that you applied for - was it a Stafford loan? When you received your aid offer letter from your school, did it include the option to borrow from the Stafford lending program? It would have said something like Fed Stafford sub $3500 Fed Stafford unsub $2000 If this is a Stafford loan you are talking about, then yes, you were already approved to begin with - because the Stafford is guaranteed by the Department of Education, students who are offered the loan automatically qualify. There wouldn't have been any questions about your income or your assets or your debts on the application - that should have been a clue to you, right there. When you apply for the Stafford, you pick a lender, you fill out some identifying… [cont.]
Answered by NotAnyoneYouKnow - Thu Jul 30 21:09:01 2009

Is a lender required to return the master promissory note after a loan is fulfilled.?
Q. My student loan was sold to another company about a year ago. In order to prove that they held where the valid holders of the loan, I asked to see the master promissory note twice. The lender refused, or sent a copy. I paid off the loan last month, and wrote a letter requesting that the master promissory note be sent to me, because my obligations where fulfilled. They sent a letter back stating that the master promissory note was their property, and once again sent a copy.
Asked by The Conservative Resistance - Wed Jul 22 09:32:39 2009 - - 3 Answers - 0 Comments

A. I don't believe there is any law to this effect. However, you should get something that says it was "paid in full". There is a very good chance that they don't even have the original paperwork. A majority of companies now "scan" the documents storing them electronically. So the copy you get is all they have, and is just as legal as the original.
Answered by OC1999 - Wed Jul 22 10:59:35 2009

who can I sell a promissory note to in Canada?
Q. are there any companies in Canada that I can sell a promissory note to. I have one that is in good standing and the people are paying on time every month but I want to re-invest instead of taking monthly payments how can I do this?
Asked by i_love_leroy_50 - Mon Mar 27 23:48:30 2006 - - 1 Answers - 0 Comments

A. sorry this is not an answer but i seen you talking about money making for single moms at home please tell me more please!!! shiny_star2121@yahoo.com thanks mam
Answered by luv2_below - Thu Mar 30 06:36:25 2006

What is the present value of the promissory note after two years?
Q. There is a $1,000,000-noninterest-be aring promissory note. The prevailing interest rate is 24% compounded quarterly.
Asked by Frederick - Thu Oct 29 11:53:38 2009 - - 1 Answers - 0 Comments

A. = $1,000,000(1/[1 + 0.06]) = $1,000,000(1/1.06) = $1,000,000(0.627412) = $627,412 Answer: $627,412
Answered by Jun Agruda - Thu Oct 29 12:34:33 2009

.Explain the difference between a promissory note, a line of credit, and a revolving credit agreement?
Q. Explain the difference between a promissory note, a line of credit, and a revolving credit agreement? Are they mutually exclusive? That is, might one be part of the other?
Asked by collegemomagain - Mon Jun 25 15:29:02 2007 - - 2 Answers - 0 Comments

A. From the standpoint of the borrower, a promissory note is a debt obligation where the full amount if borrowed at one point in time and the payment obligation and interest are set forth in the note itself. Usually it will be due at some future maturity date, with the note being able to be called during certain contingencies. You may or may not be able to prepay it and it may or may not be secured (i.e., if you default, they may be able to have a priority interest in claiming secured assets or they may be pari passu with other unsecured creditors). A line of credit is an arrangement where a certain maximum can be borrowed and you only pay interest on the amount borrowed (its sort of like a credit card). A revolver is a variant of a line… [cont.]
Answered by Bronzebeardanswerer - Mon Jun 25 16:00:04 2007

Is a promissory note valid outside of the country? My friend owes me money but he went abroad.?
Q. He signed a promissory note here in the US. He went abroad and if just in case he doesn't come back. Can I demand my payment there and use the promissory note? What is the limits/statue of limitations of a promissory note? Thanks!
Asked by angel_3sha - Fri Mar 21 00:27:51 2008 - - 3 Answers - 0 Comments

A. look at your FRNs they are only promisary notes with no gold or silver backing them like the silver or gold certificates
Answered by Robert F - Fri Mar 21 00:42:06 2008

buyer of a short sale having to sign a promissory note?
Q. We are hoping to purchase a home that is a short sale. The seller's mortgage insurance company will agree to our offer if we sign a promissory note to them, has anyone ever heard of this or had any experience with this?
Asked by chicub - Tue Jul 14 09:46:41 2009 - - 6 Answers - 0 Comments

A. uh...insurance company? Never heard of such a thing. I'd ask my real estate atty to review it.
Answered by wizjp - Tue Jul 14 09:53:31 2009

is it possible to make a subordinated debt via a promissory note?
Q. The fact that a senior debt have to be paid before the sub debt, does not imply a condition therefore the promissory note is not valid?
Asked by Bernardo S - Thu Aug 2 06:17:06 2007 - - 1 Answers - 0 Comments

A. Of course it is if someone is willing to accept such a position in the chain.
Answered by Rebecca - Thu Aug 2 08:02:22 2007

what web address is the promissory note for Stafford loans?
Q. I am waiting for the promissory from financial aid to come through so i can electronically sign it. I am suppose to be checking online when the note will be ready but I lost the web address. this is the phase after accepting the loans and now I'm waiting for it to be finally given to me. The website is something like eddirect.net? or something like that I know its not that but I don't know I forgot.
Asked by sainto maria vicente - Thu Jan 28 19:33:10 2010 - - 1 Answers - 0 Comments

A. every school has different loans like direct loan, sallie mae, etc. you need to call them and ask them, because people on here might send you to a fake pharming Web site to steal your information.
Answered by Smilenowplease - Thu Jan 28 19:47:55 2010

What are the journal entries for a promissory note?
Q. I need the journal entry for a promissory note for the purchase of a vehicle. I need to know the original journal entry. Then the journal entries as I received payment which will include interest.
Asked by Marlyn B - Wed Feb 25 12:12:37 2009 - - 1 Answers - 0 Comments

A. For the purchaser: Purchase: Vehicles xxx Notes Payable - Short Term $xxx Notes Payable - Long Term $xxx Payments: Notes Payable - Short Term and/or Long Term $xxx Interest Expense $xxx Cash $xxx For the Seller: Sale: Notes Receivable - Short Term $xxx Notes Receivable - Long Term $xxx Revenue $xxx Cost of Goods Sold $xxx Inventory $xxx Payments: Cash $xxx Notes Receivable - Short Term and/or Long Term $xxx Interest Income $xxx Larry (CPA)
Answered by Larry - Wed Feb 25 12:23:34 2009

statute of limitations on a promissory note?
Q. I have a promissory note that was due in 2005. What is the statute of limitations?
Asked by Prossy - Thu Nov 8 17:31:15 2007 - - 4 Answers - 0 Comments

A. The statute of limitations for a debt varies from 3 to 7 years depending on the state. See
Answered by davidmi711 - Thu Nov 8 17:35:11 2007

The liability of the endorser is conditioned on the validity of bill of exchange of promissory note.?
Q. The liability of endorser is conditioned on the validity of bill of exchange of promissory note. The endorser's obligation, being accessory is valid ony if the principal obligation is valid. Where an instrument with maker or drawer's signature is forged and he refuses to pay, may the holder go after the indorser? Why?
Asked by che2x - Sun Jul 27 21:39:03 2008 - - 1 Answers - 0 Comments

A. Yes because the endorser implicitly benefited from the exchange
Answered by jwishz - Tue Jul 29 15:04:11 2008

I would like to ask what the difference is between promissionary and promissory note.?
Q. Can it be one is a British term and the other one an American term? I first thought that promissory note is correct and promissionary note incorrect expression. But I found both on the internet.
Asked by ivast - Tue Jul 10 09:21:40 2007 - - 1 Answers - 0 Comments

A. They are most likely the same, a promissory note is a written promise to pay back a loan at a given date at a given interest rate. They might have slight differences to how they are worked, but overall the same.
Answered by JJ - Tue Jul 10 10:39:16 2007

Has America finally paid on this Promissory Note to ALL Americans?
Q. "In a sense we've come to our nation's capital to cash a check. When the architects of our republic wrote the magnificent words of the Constitution and the Declaration of Independence, they were signing a promissory note to which every American was to fall heir. This note was a promise that all men - yes, black men as well as white men - would be guaranteed the unalienable rights of life, liberty and the pursuit of happiness. It is obvious today that America has finally paid on this promissory note"
Asked by Dream Realized - Sun Nov 9 13:12:26 2008 - - 7 Answers - 0 Comments

A. Yes, finally.
Answered by daniel m - Sun Nov 9 13:18:29 2008

Can I file for chapter 7 if I signed a promissory note with my mother in law.?
Q. Will she be liable to pay the money i gave her over the past 12 months to pay the courts. Or will it get discharged because we signed a promissory note?
Asked by ayman_shams - Fri Sep 4 21:02:26 2009 - - 1 Answers - 0 Comments

A. You've already asked this once.
Answered by Great Scott - Fri Sep 4 21:06:18 2009

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