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installment note |
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installment note A promissory note requiring payments over some period of time. Contrast with a single-pay loan,in which all principal and interest are due at maturity. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| A "disposition" of an installment note is nearly always problematic. Second: The installment note should have a specific due date (such as five years or less) and be secured by a deed of trust on the land to appear bona fide for tax purposes. A self-canceling installment note (SCIN) is a debt obligation that by its terms is extinguished at the death of the seller-creditor, with the remaining note balance canceled automatically. |
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