Document background
The Affidavit Of Lost Promissory Note And Indemnity Agreement is essential when a promissory note has been lost, destroyed, or misplaced, but the obligations and rights under it need to be preserved. This document, governed by U.S. law, particularly the Uniform Commercial Code, serves to legally establish the existence and terms of the lost note while protecting involved parties through indemnification. It's commonly used in banking, real estate, and other financial transactions where the original note cannot be located but its enforceability needs to be maintained. The document typically includes detailed descriptions of the original note, circumstances of loss, and comprehensive indemnification provisions.
