This exception recharacterizes the initial sale as a transfer of $325,000 worth of limited partnership interest by the client to the trust in exchange for a promissory note
with a principal indebtedness equal to $325,000.
Another reason why you can not put equivalence between the bill of exchange and the promissory note
is that, a promissory note
can not be delivered to the issuer order, as it is possible in the case of bill of exchange because the promissory would not be "in order" but it will be "at sight".
When a creditor wishes to collect an outstanding debt due from a promissory note
, they can initiate an execution proceeding with the respective bailiff office in Turkey.
A deficiency notice characterized the loans as going from Dart to HL through Oren, and did not respect the separate checks and promissory notes
from Dart to Oren and from Oren to HL.
The principal and interest due on the promissory notes
will be sufficient to pay the certificates' principal and 6.
Affirming the Tax Court, the Fourth Circuit emphasized two related points: (1) the 1992 settlement provided explicitly that it was to "fully settle" all claims under the 1989 agreement; and (2)John's promissory note
was not a completed transfer until he paid the obligation in full, whether as originally provided or with appreciated land.
50 per share; a $500,000 convertible promissory note
bearing interest at 10%, payable on March 1, 1995 and convertible at any time on or before that date at $3.
Under Turkish law, a promissory note
is a written promise to pay a specified amount of money at a stated date to the beneficiary.
Baker & McKenzie advised SEB AG on its first real estate-secured promissory note
loan in Germany whereby the firm acted as arranger, agent, lender as well as security trustee.
The first contract was a promissory note
agreement and the second contract was a bonus agreement.
As previously announced, the acquisition of CTSI concludes the Stock Purchase Agreement dated June 20, 2006 which provided for an aggregate purchase price in the amount of $71,000,000, comprising of a Cash Component of $42,600,000 with a $5 million down payment, and a Promissory Note
in the principal amount of $28,400,000 due September 30th, 2006; the Company has the right to two 30 day extensions of the due date of the Promissory Note
Alternatively, the participant spouse can create a promissory note
in favor of the nonparticipant spouse in exchange for the latter's community property interest in all or a portion of the plan assets.