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LSDefine
Simple English definitions for legal terms
Note
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A quick definition of Note:
A note is a written promise to pay someone a certain amount of money at a specific time. It also includes details about how the money will be paid back, like the interest rate and when the payment is due. Sometimes, the note is backed up by a mortgage, which means that if the person who owes the money doesn't pay it back, the lender can take their property.
A more thorough explanation:
A note is a written promise to pay a certain amount of money to someone at a specific time. It includes details about how and when the money will be paid back, such as the interest rate, due date, and any penalties for not paying on time.
- John borrowed $1,000 from his friend and wrote a note promising to pay it back in six months with 5% interest.
- Samantha took out a student loan and signed a promissory note agreeing to pay back the money with interest over a period of 10 years.
These examples illustrate how a note is a legal agreement between two parties that outlines the terms of a loan or debt. The borrower promises to pay back the money according to the terms of the note, and the lender can take legal action if the borrower fails to do so.