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A promissory note, commonly known as an "IOU" is a legal contract between a borrower and a lender. The document legallly binds the borrower to repay the lender the money borrowed, plus interest if applicable. A secured promissory note is backed by collateral, such as real estate, while an unsecured note does not have collateral associated with it. A promissory note is related to a loan agreement

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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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