The acknowledgement is the section at the end of a document where a notary public verifies that the signer of the document states he/she actually signed it. Typical language is: "State of ______, County of ______ (signed and sealed) On ____, 20__, before me, a notary public for said state, personally appeared _______, personally known to me, or proved to be said person by proper proof, and acknowledged that he executed the above Deed." Then the notary signs the acknowledgment and puts on his/her seal, which is usually a rubber stamp, although some still use a metal seal. The person acknowledging that he/she signed must be prepared to verify their identity with a driver's license or other accepted form of identification, and must sign the notary's journal. The acknowledgment is required for many official forms and vital for any document which must be recorded by the County Recorder or Recorder of Deeds, including deeds, deeds of trust, mortgages, powers of attorney that may involve real estate, some leases and various other papers.
Acknowledgments may also be drafted to affirm a variety of matters, acting in effect as a written confirmation of an act such as receipt of goods, services, or payment.
An Arkansas Promissory Note — With Acknowledgment is a legally binding document that outlines the terms and conditions of a loan agreement between two parties in Arkansas. The note serves as a written contract and helps ensure that both the lender and the borrower are protected throughout the loan repayment process. The Promissory Note typically includes relevant information such as the names and contact details of the parties involved, the principal loan amount, the interest rate, the repayment schedule, and any additional terms agreed upon by both parties. By signing this note, both the lender and borrower acknowledge their obligations and agree to abide by the terms stated within. The Arkansas Promissory Note — With Acknowledgment is often used for various types of loans, such as personal loans, business loans, student loans, or loans for the purchase of real estate. These different loan types may have specific requirements or conditions, which can be added to the Note to customize it accordingly. Arkansas offers several variations of the Promissory Note — With Acknowledgment, including: 1. Simple Promissory Note: This basic version outlines essential loan details like the repayment schedule and interest rate. 2. Secured Promissory Note: This note includes collateral details, providing security to the lender in case of default by the borrower. Collateral can be any valuable asset, such as real estate, vehicles, or personal property. 3. Demand Promissory Note: Unlike most notes with fixed repayment schedules, this note allows the lender to demand the full repayment of the loan at any time. 4. Installment Promissory Note: This type of note divides the loan repayment into equal installments over a specified period, including both principal and interest. 5. Balloon Promissory Note: This note sets regular installments for an agreed period, but includes a final large "balloon" payment at the end to repay the remaining principal and interest. 6. Renewable Promissory Note: This note allows the lender and borrower to renew the loan agreement after its original maturity date, typically by adjusting the interest rate or other terms. It's crucial for both parties involved in a loan agreement to carefully review and understand the terms of the Arkansas Promissory Note — With Acknowledgment before signing. Additionally, seeking legal advice or consulting an attorney can provide further clarity and ensure compliance with Arkansas state laws and regulations.
