13:34
as far as i know, that information is simply for data collection purposes
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Simple English definitions for legal terms
joint note
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A quick definition of joint note:
A joint note is a written promise to pay money to someone else. It's like a special kind of letter that says "I promise to give you this much money." Sometimes more than one person signs the note, and they are all responsible for paying the money back. There are many different types of notes, like ones that have big payments at the end or ones that are backed up by something valuable. People also use the word "note" to talk about a short essay that explains something about the law, or a little message that you write down to remember later.A more thorough explanation:
A joint note is a type of promissory note where multiple makers are jointly liable for repayment. This means that the payee must legally look to all the makers together for payment of the debt.
For example, if John and Jane sign a joint note for $1000, and John fails to pay his share, the payee can legally demand payment from Jane for the entire $1000.
Joint notes are different from joint and several notes, where multiple makers are jointly and severally liable for repayment, meaning that the payee may legally look to all the makers, or any one of them, for payment of the entire debt.
Other types of promissory notes include installment notes, demand notes, mortgage notes, and secured notes.