How to Assume a Promissory Note?

Answer A promissory note is an agreement to make payments on a debt. These notes are generally used in transactions where there is a piece of real property used as collateral. There are times when a debto... Read More »

Top Q&A For: How to Assume a Promissory Note

Is a promissory note a promissory estoppel?

Promissory estoppel is not a promissory note. Promissory estoppel occurs when a person relies on a promise and has an economic detriment due to the reliance on the promise. Due to the reliance on t... Read More »

Default on a Promissory Note?

A promissory note is a way to formally set terms for repayment of a loan. Unlike an IOU, which only states that there is a debt, a promissory includes the terms of repayment. Usually these terms wi... Read More »

How to Qualify for a Promissory Note?

Banks aren't the only entities that give out loans. Friends and family can also ask for money or goods. In these situations, promissory notes are the best way to protect both the lender and the bor... Read More »

How do I collect a promissory note?

Personal ContactEnsure the form you use is legal in your state, and follow the state’s laws. If you are in doubt, hire an attorney to prepare it for you. Send a copy to the promisor as soon as th... Read More »