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Why do certain promissory notes need to stamped consumer purchase? |
What is the rationale for stamping promissory notes with "consumer purchase?" Yes, you right that it only applies to consumer transactions. I just don't understand why the law mandates that promissory notes used for consumer transactions need to be stamped consumer purchase? Is it to prevent fraud, or an innocent third party from becoming a holder in due course or something? If it was used for the purchase of certain household goods, the lender gets a purchase money security interest in those goods. Don't know where you are, but in the u.s. there are some laws that apply only to consumer transactions. The federal truth in lending law, for example, has no application to two corps doing business together. Some states also have consumer protectio laws. Perhaps that is the difference. |
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