| their surviving spouses (provided they do not remarry). A promissory note is a contract detailing the terms of a promise by florida mortgage broker party (the maker) to pay a sum of money to the other (the payee). The obligation may arise from the repayment of a loan or from florida mortgage broker form of debt. For example, in the sale of a business, the purchase price might be a combination of an immediate cash payment and one or more promissory notes for the balance. The terms of a note typically include the principal amount, the interest rate if any, and the maturity date. Sometimes there will be provisions concerning the payee's rights in the event of a default, which may include florida mortgage broker of the maker's interest. For loans between individuals, writing and signing a promissory note is often considered a good idea for tax and recordkeeping reasons. A promissory note differs from an IOU in that the latter is a simple acknowledgement of the existence of a florida mortgage broker owed, whereas a promissory note, |
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