What is the Need for a Promissory Note?

Carlglendon25 Apr, 2022Business

Promissory notes are generally issued in the United States to sophisticated investors and corporate clients. However, in the recent years, these types of financial instruments are also increasingly being used for securing mortgages and for the sale of home. Generally, this kind of a note is held by the party who owes money. After full discharge of the debt amount, the payee has to cancel it and it must be given back to the issuer.