A Georgia unsecured promissory note is a document that outlines the terms of a loan that does not allow the lender to demand the borrower’s assets as collateral. In most cases, both parties are familiar with each other enough that the lender has an assurance that contact with the borrower will not be lost before the loan is repaid. In the event that the loan defaults, the promissory note gives the lender the ability to pursue legal action to obtain payment.

Related Forms

Secured Promissory Note – A personal loan that is accompanied by collateral.

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