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Promissory Note review

Promissory note under UCC Article 3 with state-usury savings clause.

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What it checks

Maker, payee, and principal amount

Promissory note must identify maker, payee, and principal amount.

Critical · BNK-001

Unconditional promise to pay

Promissory note must contain an unconditional promise to pay.

Critical · BNK-002

Interest rate stated + state-usury compliance

Promissory note must state the interest rate and comply with applicable state usury caps.

Critical · BNK-003

Time of payment — demand or definite time

Promissory note must be payable on demand or at a definite time (UCC § 3-104(a)(2)).

Critical · BNK-004

Default + acceleration

Promissory note must address events of default and acceleration on default.

Critical · BNK-005

Maker waivers — presentment / notice / dishonor / protest

Promissory note typically includes maker waivers of presentment, notice of dishonor, and protest (UCC § 3-504).

Warning · BNK-006

Confession of judgment / cognovit clause

A confession-of-judgment (cognovit) clause lets the holder obtain judgment without notice or a hearing; it is void in consumer credit and prohibited or unenforceable in many states.

Critical · BNK-051

Every run also applies 108 general checks that belong to any agreement: structure, parties and signatures, defined terms, cross-references, dates, amounts, and one-sided terms.

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