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

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Nevada Promissory Note: What Is It?

A Nevada promissory note is a written legal agreement between a creditor and a debtor that documents a loan and its repayment agreement. If a Nevada promissory note will involve a mortgage, there are other laws that it must follow under state law. A Nevada promissory note cannot have an interest rate that exceeds more than 8%.

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