Which of the following is not true about a Promissory Note?Encumbers the real estate as...

Which of the following is not true about a Promissory Note?

		Encumbers the real estate as the security or collateral for a loan
		Creates an obligation to repay a loan under specific terms
		May be recourse or non-recourse to the borrower
		A technical default can result from failure to pay property taxes

Solutions

Expert Solution

Option D is answer A technical default can result from failure to pay property taxes

A technical default in case of promissory note arises when the interest and principal amount mentioned on the note is not repaid within the time specified by the note. property taxes are not relevant to the promissory note

Option A, B and C are features of promissory note

jeff jeffy answered 2 years ago

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