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 West Virginia Promissory Note — With Acknowledgment is a legally binding document that outlines the terms and conditions of a loan or debt agreement between a lender and a borrower in the state of West Virginia. It serves as a written promise by the borrower to repay the borrowed money to the lender within a specific timeframe and at a determined interest rate. The Promissory Note contains important information such as the names and addresses of both the lender and borrower, the loan amount, repayment schedule, interest rate, late payment penalties, and any additional terms or conditions agreed upon by both parties. By signing this document, the borrower acknowledges and accepts the terms of the loan and commits to fulfilling their repayment obligations. There are various types of Promissory Notes available in West Virginia, each tailored to address different needs and circumstances: 1. Personal Promissory Note: This type of note is used for loans between family members, friends, or individuals who have a personal relationship. 2. Commercial Promissory Note: This note is designed for business transactions, where one party lends money to another party for a commercial purpose. 3. Secured Promissory Note: In this type of note, the borrower pledges collateral (such as property or assets) to secure the loan. If the borrower defaults on the loan, the lender can claim the collateral. 4. Unsecured Promissory Note: Unlike a secured note, this type of note is not backed by any collateral. The lender relies solely on the borrower's creditworthiness, making it riskier for the lender. 5. Installment Promissory Note: This note establishes a repayment plan, dividing the loan amount into equal monthly or periodic payments over a specific period. 6. Demand Promissory Note: This note allows the lender to demand repayment of the entire loan amount at any time, without specifying a fixed term. It provides more flexibility for the lender. It is crucial to carefully consider the type of Promissory Note that best suits your requirements and consult with a legal professional in West Virginia to ensure compliance with state laws and regulations. Using a Promissory Note — With Acknowledgment can provide legal protection and clarity for both the lender and borrower in the event of any dispute or default.
