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A promissory note, on the other hand, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) makes an unconditional to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms ...
A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), [1] subject to any ...
Commercial paper, in the global financial market, is an unsecured promissory note with a fixed maturity of usually less than 270 days. In layperson terms, it is like an "IOU" but can be bought and sold because its buyers and sellers have some degree of confidence that it can be successfully redeemed later for cash, based on their assessment of the creditworthiness of the issuing company.
Ontario Bank was an early bank operating in Ontario, Canada. It began operations in 1857 and was last listed as a member of the Canadian Bankers Association in 1901. The bank was founded in Bowmanville , Ontario by John Simpson , a local resident and a former bank manager for the town's Bank of Montreal branch.
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to call the note due in such a circumstance.
They would have the farmer sign a promissory note for the balance, which meant that the merchant could sue the farmer at any time, and indefinitely imprison him until the debt was paid. It was to the merchant's advantage to keep the farmer producing as much as possible for as long as possible, and to pay as little as possible for it.
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