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What is a promissory note?

Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. Its a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.

What does it mean if money is pledged?

If you pledge a sum of money to an organization or activity, you promise to pay that amount of money to it at a particular time or over a particular period. The French President is pledging $150 million in French aid next year.

What is pledge in law with example?

The bailment of goods as security for payment of a debt or performance of a promise is called pledge. The bailor is in this case called the pawnor. The bailee is called pawnee. The bailment of goods as security for payment of a debt or performance of a promise is called pledge.

What is pledge example?

He called to pledge money to the charity. Weve all pledged (our) loyalty/support/allegiance to the organization. Every morning, we pledge allegiance to the flag. During his campaign, he pledged that he would not raise taxes.

What is a pledge agreement and promissory note?

Loans from banks or other institutional lenders are always made using a number of documents, two of which are a promissory and security agreement. In general, the promissory note is your written promise to repay the loan and a security agreement is used when collateral is given for the loan.

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