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You assign a promissory note to the institution or person who requires it for collateral to secure the loan for you.
Generally when we talk about a person being default on his promissory note, this mistake violates the promissory note or loan agreement and the creditor has every right to take legal action against the debtor from filing a case.
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That is done by filling out official assignment paperwork given by the lender or with an addendum transferring your rights over to the. This promissory note template will help you outline loan amounts, interest rates, and payment terms. This free sample promissory note spells out how and when you are to be paid, and what happens if the borrower doesn't repay the loan.
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