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Promissory Note - Term w/ Joint & Several Liability
When a person or entity (Lender) loans money to another person or entity (Borrower), the loan is typically formalized with a promissory note. A promissory note will set forth, among other things, the repayment schedule and the interest rate.
This particular Promissory Note requires the Borrower to pay off the entire principal amount of the note and any accrued interest on a specific date. It also includes language making the Borrowers "jointly and severally" liable for the debt.
Note: Some forms not suitable for use in the province of Quebec. Check form details.
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