promissory notes


promissory notes (also called own bill of exchange), a binding promise on the part of the exhibitor fixed on a bill of exchange is to be paid to a bill of exchange. The information provided by the drawee does not apply in the case of one's own bill of exchange, instead of a statement, an unconditional payment promise is given by the bill of exchange. For this reason, the bill of exchange (acceptance) with signature for acceptance is not valid for sola bills, but the statutory provisions for the exchange of bills apply. Banks use the exchange of notes to secure their claims against the exhibitor. The sola change is not intended for circulation and can therefore be redeemed more quickly as a demand from the bank. The solvency change is used for the financing of the loan, and there are some risks for the holder of the bill of exchange, namely the risk of the solvency being transferred to a possible insolvency of the debtor. In general, a payment term of three months is agreed upon by a carry-over can be extended. The risk exists even if the replacement buyer, the supplier is named, has settled the bill of exchange at his home bank. In the event of a sudden insolvency of the debtor, the exhibitor is obliged to take over the liability with the guarantee. The recipient of the solicitation can accept this as a means of payment and later redeem it at the bank. The respective amount, which must be mentioned on the bill of exchange, is credited to the bill of exchange, while the exhibitor is charged at the same time.

What is in the Sola Wechsel?

This solvency shall be deemed to be a "bill" and shall enter into force on the agreed date between (the name of the individual lender) or companies established under the laws of (the State) with the main branch in (company name and full address) and (name of the own company as a borrower and complete address), as a reasonable consideration, the underwriting lender promises jointly and severally to pay to the lender the sum of (exact amount) with annual interest of (interest rate) the entire loan and accrued interest depending on The length of the loan taken will be fully and immediately offset and paid with the solicitor's request.

What are the reasons for or against a sola change?

Reasons for such a change are some, ranging from the prospect of a certain cost savings to a comprehensive consulting service offered by the respective financial institution on request. In this kind of change of house bank, several things have to be taken into account, especially when the mortgage financing is not yet concluded, caution is always required when changing banks: After the end of the fixed interest rate, such a change can be advisable in a few cases. Negotiate with your bank about the appropriate conditions, carefully take alternative offers to other financial institutions, then negotiate later with the house bank again. The strategy presupposes that you have been comprehensively informed a few months before the expiry of the contractual agreements. In the face of online competition, most house bankers are acting with you to get the best deal. Differences in interest rates are significant in the case of high loan amounts, but a bank exchange can also trigger additional costs during the financing of the building if the new bank as a future creditor has to be entered into the land register and costs for the notary and the land register entry are incurred.

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