Want to know about assignment of promissory note! Once signed by the issuer, loan promissory notes act more or less as currencies do, especially in their immediate jurisdiction. The bearer can transfer all rights over the note to another person or institution. As long as the note is labeled as unconditional, all the terms and conditions applicable at the time of issue will also apply with the new owner.
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All legal issuing, recording and designing conventions and requirements of the different states involved must be observed before making or assigning a note. Missing even a single step can lead to lengthy court battles when trying to implement a foreclosure. If you intend to write this promissory note for the first time or want to save time, you can download example sample template in word or PPT format to help you get the job done.
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ASSIGNMENT OF MORTGAGE
For and in consideration of ____________________________ Dollars ($_____), the receipt of which is hereby acknowledged, ______________________________________ of ______________________________, hereby grants, assigns and transfers to ______________________________________, of ____________________________, that certain mortgage executed by ____________________________, dated _____________, 20_____, and recorded in the office of the ______________________________________ of __________________ County, State of _______________ in Book of Mortgage, at page _______, together with the note described therein and the money to become due thereon with the interest provided therein.
IN WITNESS WHEREOF, ____________________________ the undersigned has executed this assignment on _____________, 20_____.
STATE OF _____________
COUNTY OF _____________
On __________________________ before me, _____________________________________ personally appeared _______________________________________, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Affiant _____Known _____Unknown