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.
A South Dakota Promissory Note — With Acknowledgment is a legal document that outlines the terms and conditions under which one party, known as the borrower, promises to repay a specific sum of money to another party, known as the lender. The note serves as evidence of the borrower's debt and their commitment to repay it within a designated time frame. This promissory note is specifically crafted for use in South Dakota, ensuring compliance with the state's laws and regulations governing such agreements. It is crucial to include an acknowledgment section in the promissory note to validate the borrower's willing and voluntary agreement to the terms specified. The South Dakota Promissory Note — With Acknowledgment typically includes essential information such as the names and contact details of both the lender and the borrower, the principal amount borrowed, the interest rate (if applicable), the repayment schedule, and any penalties for late payments or defaults. It clearly defines the rights and responsibilities of both parties involved, providing protection in case of disputes or misunderstandings. Different types of South Dakota Promissory Notes — With Acknowledgment may include: 1. Secured Promissory Note: This type of promissory note involves collateral (such as property, vehicles, or valuable assets) provided by the borrower to secure the loan. In the event of default, the lender can seize the collateral to recover the debt. 2. Unsecured Promissory Note: Unlike a secured promissory note, an unsecured note does not require any collateral. The borrower's promise to repay the loan is solely based on their creditworthiness and trustworthiness. 3. Fixed-Rate Promissory Note: This type of note specifies a fixed interest rate that remains constant throughout the loan term. It ensures that the borrower knows the exact amount they must repay on time. 4. Variable-Rate Promissory Note: A variable-rate note includes an interest rate that is subject to change based on external factors, such as fluctuations in the market interest rates or an index specified in the promissory note. 5. Demand Promissory Note: A demand note allows the lender to request repayment of the loan at any time, without specifying a predetermined maturity date. This type of promissory note offers flexibility to the lender. 6. Installment Promissory Note: An installment note divides the loan repayment into predetermined equal payments over a specified period. Each payment includes both principal and interest amounts, helping the borrower manage their repayment obligations. 7. Balloon Promissory Note: A balloon note requires the borrower to make regular payments for a set period, with a substantial final payment, often called the balloon payment, due at the end of the term. In summary, a South Dakota Promissory Note — With Acknowledgment is a legally binding document that establishes the terms of a loan between a lender and a borrower. By including an acknowledgment section, this document ensures the borrower's acknowledgment and consent to the terms outlined. It is advisable to consult with a legal professional to ensure the note complies with South Dakota's laws and to tailor it to meet the specific requirements of the loan arrangement.
