How to acquire professional legal documents that comply with your state regulations and create the Oregon Promissory Note With Chattel Mortgage without hiring a lawyer.
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There is no legal requirement for most Oregon promissory notes to be notarized. Promissory notes related to real estate loans may require notarization. Most promissory notes in Oregon need to be signed and dated by the borrower and any applicable co-signer.
Although it's a legal document, writing a promissory note doesn't have to be difficult. There are even websites online that offer fill-in-the-blank templates, like or .
Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money.
Two other methods of perfection are available both to outright buyers of promissory notes and to persons who take security interests in them. Those methods are (1) filing of a financing statement (§ 9-312(a)) and (2) taking possession of the note (A§ 9-313(a)).
The main difference between a promissory note and a mortgage is that a promissory note is the written agreement containing the details of the mortgage loan, whereas a mortgage is a loan that is secured by real property.