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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 Michigan according to your state's specific rules and regulations.

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Michigan Promissory Note: What Is It?

A Michigan promissory note is a written agreement between two people that documents the repayment agreements of a loan. It is important to note that if you find that you need someone to collect on a Michigan promissory note that you cannot assign interest by only providing a photocopy of it. You must provide them with the original document.

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