Promissory Note Assignment

Promissory Note Assignment

A Promissory Note Assignment is the legal recording of a Promissory Note. A Promissory note is a legal instrument of finance where a first party known as the “payer” makes a commitment in the form of a written legal document to make a payment to a second party known as the “payee.” The note can be payed in the form of a fixed time declared by nature or at the demand of the second party. The payment over time may be set under an interest of a certain amount per annum. All the specifications of this note shall be determined under a certain set of terms and conditions that are agreed upon. Whenever this Promissory Note is easily fit to be sold and does not have any conditions, then it is also considered to be a negotiable instrument (A document guaranteeing the payment of a specific amount of money within a certain amount of time with the payer’s name written on the document.)

A Promissory Note Assignment records all of the proceedings that occur in the writing of a Promissory Note. It includes the recitals in which the details of the note are written such as the amount to be payed, the subject to terms, provisions, and modifications. The Promissory Note Assignment presents the makers of the note, the face amount, the rate of interest, present balance due, and pay to the order of (the type of note.) It is signed without recourse to the assignor and finally, notarized to be legally recognized.

Promissory Note Assignment

WHEREAS, ____________, is the owner and holder of the following described promissory note:
Maker(s): __________________________
Face amount: $_______(______________&___/100 dollars)
Interest rate: _____
Present balance due: $______(______________&___/100 dollars)
Pay to the order of _________________________.
(Attach or type on note)

This assignment is without recourse to the assignor.
Dated: _____________________

________________________________________________
Maker
Promissory Note Assignment
Review List

This review list is provided to inform you about this document in question and assist you in its preparation. This is a straightforward assignment of rights, in this case related to a promissory note.

1. Make multiple copies. Give one to each related party.

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