The online legal document provider, RealDealDocs.com has released a number of Promissory Notes for the top companies in America including many Fortune 500 companies. These are the actual legal documents drafted by the nation’s top law firms.

The Bank of America Promissory Note of December 2008 for $9 million dollars is supplemental to a distribution agreement filed in April 2008 and breaks the notes into fixed rate, and LIBOR notes. The Across America Financial Services Promissory Note entered in November 2008 sets the term of a senior secured convertible promissory note for $132,000 from West Mountain Prime. Both of these Promissory Notes are available in their entirety on the RealDealDocs.com website.

A Promissory Note is a legal document detailing the terms of an agreement by one party to pay a sum of money to the other. The obligation may arise from the repayment of a loan or from another form of debt.

RealDealDocs.com is the online legal document resource preferred by lawyers, deal professionals and entrepreneurs. The powerful search functionality is easy to use which is just one of the reasons 40 of the top 200 law firms in the world use it.

The contracts, agreements and clauses available at RealDealDocs.com are the actual legal documents used by both the smallest of small capital companies as well as Fortune 500 companies alike.

RealDealDocs.com helps to cut drafting time in half and provides unprecedented insight into the deal structures of the world’s largest companies. The legal documents may be searched for by category, law firm, parties involved or by the state of the governing law. Visitors can search the extensive RealDealDocs.com database absolutely free and members of the site may also download, copy, edit and print unlimited legal documents for their own personal or business use. Visit RealDealDocs.com for more information, membership options, and free legal document searches.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com, the first online practice guide for the national litigator and the national litigation practice.

Popularity: 5% [?]

JP Morgan Chase Promissory Note Released by Legal Insider

The Promissory Note for JP Morgan Chase, the financial corporation that just acquired Washington Mutual Bank was made available today by online legal document provider RealDealDocs.com.

JP Morgan Chase drafted a promissory note with jewelry and fine watch maker Movado Group Inc. First bailing out Bear Sterns when it failed and now Washington Mutual, JP Morgan seems to be the beacon of financial hope in this Wall Street turmoil and time of uncertainty. A copy of this Promissory Note is available in its entirety on the RealDealDocs.com website.

A Promissory Note is a legal document detailing the terms of an agreement by one party to pay a sum of money to the other. The obligation may arise from the repayment of a loan or from another form of debt.
RealDealDocs.com is the online legal document resource preferred by lawyers, deal professionals and entrepreneurs. The powerful search functionality is easy to use which is just one of the reasons 40 of the top 200 law firms in the world use it.

The contracts, agreements and clauses available at RealDealDocs.com are the actual legal documents used by both the smallest of small capital companies as well as Fortune 500 companies alike.

RealDealDocs.com helps to cut drafting time in half and provides unprecedented insight into the deal structures of the world’s largest companies. The legal documents may be searched for by category, law firm, parties involved or by the state of the governing law. Visitors can search the extensive RealDealDocs.com database absolutely free and members of the site may also download, copy, edit and print unlimited legal documents for their own personal or business use. Visit RealDealDocs.com for more information, membership options, and free legal document searches.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com, the first online practice guide for the national litigator and the national litigation practice.

Popularity: 5% [?]

AIG Financial Agreements Released by Legal Insider

The Promissory Note for AIG Global Investment Corporation was made available today by online legal document provider RealDealDocs.com.

The AIG promissory note with KBS ADP Plaza LLC was amended and restated last year to redefine the KBS payment to AIG Global Investment Corporation. In 2006, AIG Mortgage Capital entered a Mortgage Loan Purchase Agreement with JP Morgan Chase Commercial Mortgage Securities Corporation.

A Promissory Note is a legal document detailing the terms of an agreement by one party to pay a sum of money to the other. The obligation may arise from the repayment of a loan or from another form of debt.

RealDealDocs.com is the online legal document resource preferred by lawyers, deal professionals and entrepreneurs. The powerful search functionality is easy to use which is just one of the reasons 40 of the top 200 law firms in the world use it.

The contracts, agreements and clauses available at RealDealDocs.com are the actual legal documents used by both the smallest of small capital companies as well as Fortune 500 companies alike. The legal documents at RealDealDocs.com have been drafted by the nation’s top law firms for some of the top companies in America.

RealDealDocs.com helps to cut drafting time in half and provides unprecedented insight into the deal structures of the world’s largest companies. The legal documents may be searched for by category, law firm, parties involved or by the state of the governing law. Visitors can search the extensive RealDealDocs.com database absolutely free and members of the site may also download, copy, edit and print unlimited legal documents for their own personal or business use. Visit RealDealDocs.com for more information, membership options, and free legal document searches.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com, the first online practice guide for the national litigator and the national litigation practice.

Popularity: 3% [?]

While the idea of promissory note has likely been around since the advent of currency (if not before), the promissory note itself dates from about the 10th century. The promissory note has changed little in a millennium. It is still a very simple contract-or at least, it can be. The theory remains the same, which is that one party promises to repay a debt to another party for prior value received. Today’s promissory notes contain several basic elements, including the parties-the one who owes the debt is called the maker, the lending party is the payee-the sum to be repaid, the terms of repayment, the interest rate (if applicable), and the maturity date.

Today’s more sophisticated promissory notes contain much more. Some have a governing law provision. Many have an acceleration clause whereby the repayment terms speed up (such that the entire sum may become due) in the event of a specific occurrence, usually when the maker misses a payment.

Promissory notes can be both secured and unsecured. Secured notes are backed by some type of collateral put forth by the maker, such as real estate or a car. In the event that the maker defaults, the payee in a secured note has the peace of mind that attachment to the collateral is always possible. By contrast, unsecured notes offer no collateral. Such notes will usually be found in the more informal cases of individuals loaning one another money. An unsecured note will always be trumped by secured liens; if a maker defaults, the payee of an unsecured note will have to wait-often fruitlessly-for other, secured creditors to be paid before seeking payment on the unsecured note. Thus, the payee of an unsecured note is best advised not to loan more money than he or she is willing to lose.

Another problem that the payee may encounter has to do with usury laws, which vary from state to state. These laws apply differently to banks that lend than they do to individuals who lend. Usury laws put a cap on the rate that the payee is allowed to charge interest. Interests rates that violate state usury laws can carry not only civil but also criminal penalties.

More recently, however, it has been the maker, not the payee, who has had to take care with promissory notes. Companies have used promissory notes as a tried and true method of raising capital. But whereas the individual-to-individual note is often a very simple written agreement, the company-to-individual note is usually very complex. It is for this reason that corporate promissory notes are primarily sold not to the general public but rather to sophisticated buyers who are capable of performing their own due diligence. Such notes are usually classified as securities, and anyone trying to sell them on behalf of a company must be registered with the Securities and Exchange Commission or a state equivalent.

Recent scams have come to light whereby con artists induce previously legitimate independent insurance agents to sell promissory notes to members of the public. These agents, who have no license to sell these securities, persuade their clients to “invest” in seemingly legitimate insurance companies, offering high returns and the reassurance of “guaranteed” promissory notes. Because the clients have often dealt with the agents before in legitimate dealings, the clients are more easily persuaded by the agents, who themselves are in on the con and receive a cut from the original fraudsters. Countless unsophisticated, usually elder investors have been bilked out of millions of dollars this way.

In short, while promissory notes are very useful, valuable, and well-traveled debt instruments, both the maker and the payee are well advised to do their homework when dealing with them.

Popularity: 11% [?]