BINALAY, JUDE ALEXIS D_.pptx - z TYPES OF NEGOTIABLE...

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z TYPES OF NEGOTIABLE INSTRUMENTS Submitted by: Binalay, Jude Alexis D. 2168919 Submitted to: Sir Alexis Agmata Law 5
z 1. PROMISSORY NOTE What is promissory note?
z Types of Promissory Note 1. Secured Promissory Note - the borrowing of money with an asset of value “securing” the amount loaned such as a vehicle or a home. If the borrower does not pay back the amount within the time-frame suggested the lender will have the right to obtain the property of the borrower.
2 . Unsecured Promissory Note -Does not allow the lender to secure an asset for money loaned. This means that if the payment is not made by the borrower that the lender would have to either file in small claims court or through other legal processes.
What does a Promissory Note do?
Examples of Promissory Note
z 2. Bill of Exchange Meaning of Bill of Exchange

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