A promissory note should be:

Question

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A promissory note is a legal document in which one party (the borrower) makes a promise to pay a sum of money to another party (the lender) on a specified date or on demand. When a mortgage loan is originated, the promissory note and mortgage are typically sold to investors as a bundle known as a mortgage-backed security. Therefore, the promissory note should be sold with the mortgage transferred with it to ensure that the new holder of the note has the right to foreclose on the property in case of default.

A Promissory Note Should Be