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Georgia Promissory Note Template

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A Georgia promissory note is a written promise made by a individual to pay back money they have borrowed from another individual or an entity. This type of agreement has a fixed date by which the money has to be paid back to the lender, in addition to any interest charged on the principal amount. The parties can decide whether the borrower must pay the amount due in full upon the due date, or whether they must make installment payments (weekly, monthly, quarterly, etc.).

A promissory note can be unsecure or secure, the latter indicating that the borrower must provide collateral to the lender. A breach of contract could result in the lender accepting the collateral as full payment or, if no collateral was provided, a legal action may be filed against the borrower.

Types (2)

Secured Promissory Note – A loan that requires the borrower to provide physical collateral as security.

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