This form is a Promissory Note with Confessed Judgment Provisions. The maker of the note promises to repay a loan received from the lender, with interest. The form provides that if the maker defaults upon the loan, the lender may exercise the option of demanding the immediate payment of the entire loan.
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Interesting Questions
It's a good idea to consult a lawyer, especially for a promissory note with confessed judgment provisions, to ensure everything's above board and in your best interest.
Absolutely! You can negotiate the terms, including the repayment schedule and any provisions related to confessed judgment.
The main risk is giving up your right to contest the debt in court. If things go south, you might find yourself in a tight spot without options.
Yes, these notes are enforceable in Omaha, but they must meet specific legal requirements to be valid.