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Negotiable Instruments – A Hybrid of Contract and Cash

For businesses to operate efficiently, money needs to be able to change hands easily, like cash. However, businesses also need to be sure that they will have a legal claim to be repaid the money if th...

Promissory Notes – What Are They and How Do They Work?

Sam owns a hardware store, and needs to buy 100 barbeque grills from Janet for a total of $40,000. He can’t afford the payment upfront although he can pay in eight instalments of $5,000 per month pl...

Blog Bite: Can A Promissory Note Holding Mortgagee Commence Foreclosure Action?

This article posted on our partner site Mondaq.com discusses the Wisconsin case RMS Residential Properties, LLC v Anna M. Miller in which the court decided that possession of a promissory note rai...

Blog Bite: Can mortgages be assigned in the same way as promissory notes?

This article posted on our partner site Mondaq.com deals with foreclosure actions in Maine and the apparent limitation of the ability of MERS (Mortgage Electronic Research System) to assign more t...

Blog Bite: When is the interest rate so high that it is usury in New York State?

This article posted on our partner site Mondaq.com discusses the trap of violating New York States criminal usury laws. Drafters of promissory notes and loans should be aware of possible usury law...

Blog Bite: What are the common features of convertible notes?

This article posted on our partner site Mondaq.com discusses the common features of convertible promissory notes, including discounts and caps.  ...

Blog Bite: Using promissory notes to purchase or sell a business.

This article posted on our partner site Mondaq.com discusses how promissory notes can be used in the purchase or selling of a business. They are a way to make payment for the transaction over a pe...

Blog Bite: Does the Ontario Securities Act apply to promissory notes?

This article posted on our partner site Mondaq.com discusses an Ontario court decision that promissory notes are securities under the Ontario Securities Act, unless they are more akin to the types...

Blog Bite: Can a bankruptcy court re-characterize a promissory note debt as equity in the US?

This article posted on our partner site Mondaq.com discusses a US bankruptcy court decision which determine that promissory notes can be re characterized as equity. The article sets out 13 factors...

Blog Bite: Does a promissory note with interest rate and maturity date information provide valid notice for a mortgage which references it?

This article posted on our partner site Mondaq.com discusses an Illinois court decision which determined that providing the interest rate and maturity date of a mortgage by reference to a promisso...

Blog Bite: Will higher post-default interest rates on promissory notes be enforced in the US?

This article posted on our partner site Mondaq.com discusses a court decision from the 9th circuit (U.S.) dealing with the question of whether the stated higher rate of post-default interest would...

Blog Bites: Are e-signatures acceptable on promissory notes?

This article posted on our partner site Mondaq.com deals with the use of e-signatures used in documents. Specific documents still require written signatures such as promissory notes, which are gov...

Blog Bite: What are the risks of using promissory notes?

This article posted on our partner site Mondaq.com deals with the potential dangers of accepting offers of promissory notes that expire within a certain (short term) period. The article warns agai...

Blog Bite: When is a promissory note classified as a security?

This article posted on our partner site Mondaq.com deals with the classification of promissory notes as securities in Ontario law. The court considered the U.S. Supreme Court test of "family resem...

Blog Bite: Are promissory notes considered securities?

This article posted on our partner site Mondaq.com discusses an Ontario Court of Justice decision which dealt with the definition and interpretation of "security" under the Securities Act, R.S.O. ...

Blog Bite: Can a lost promissory note be enforced?

This article posted on our partner site Mondaq.com discusses an Alabama Supreme Court decision that held that the assignee of a lost promissory note was entitled to rely on a lost note affidavit t...

Blog Bite: Can a third party demand payment on your promissory note?

This article posted on our partner site Mondaq.com deals with the risk in promissory notes. To manage the risk of a demand for payment by a third party on your financial promise, seek legal advice...

You Say Shares, I Say Stock: Making Sense of Investing Terminology

Introduction You are meeting with your financial advisor for the first time. Your friends hectoring you about missing out on Facebook’s IPO has not stopped despite the fact it happened half a decad...

Are further remedies still available to an assignment of debt if legal action has otherwise already been taken?

ASSIGNMENT OF PROCEEDS FROM ESTATE ENFORCEABLE AS COLLATERAL SECURITY Rafael v. Allison 1987 CanLII 3232 (AB QB) The legal remedies available under assignment are not extinguished even if legal ...

Overview of Promissory Note

Overview of Promissory Note   What is this document? A promissory note is a promise to pay money.   When would I use this document? Promissory notes can be used whenever on...

Legal Tips & Tricks: Negotiating an Agreement should Start with a Blank Page

When entering into an important contract, take the time to discuss with your business partners, advisors and legal counsel, to make sure that you are clear about your opportunities and risks.  In thi...
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