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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 Rhode Island according to your state's specific rules and regulations.

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Rhode Island Promissory Note: What Is It?

A Rhode Island promissory note is an agreement to repay a loan between two parties: the creditor and the debtor. A Rhode Island promissory note should include the amount of the loan, the amount for the monthly installments, the due date for the payments, and what the creditor will do if the debtor doesn't pay.

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