A promissory note and pledge agreement is a document which outlines a loan recipient’s intention of paying back the lender the sum of amount taken as the loan. This is a legal document which needs to be verified and attested by witnesses as well as legal personnel in order to be completely active. The document must contain details of the amount of money loan, the scheme of repayment, the kind of interest charged, and the purpose for which the money has been loaned. It should also contain a pledge by the recipient which shows his intention of returning the money.
The promissory note and pledge agreement is one of a kind since it also has a moral implication to it. The loan recipient is morally indicted if he fails to pay the loan back within the stipulated period of time, and makes himself therefore, vulnerable to penalties of various kind which are also mentioned in the promissory note agreement.
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