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A promissory note is used when one party, the issuer, is making a "promise" to pay a certain amount of money to another party, known as the payee.

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This Lease Agreement is legally binding in Delaware according to your state's specific rules and regulations.

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Delaware Promissory Note: What Is It?

A Delaware promissory note is defined as a security instrument by the state. The purpose of a Delaware promissory note is to document that a loan was made between two people for a specific person and that the person receiving the loan will repay it. A Delaware promissory note cannot collect more than 5% over the federal reserve discount rate.

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