2) Customer is the lender of a non-negotiable promissory note

An ALTCS customer has a promissory note with her grandson. The terms of the promissory note are as follows:

The customer gave her grandson $50,000 to help him buy his new home.

Her grandson will pay $1,500 each month until the balance is paid.

The agreement clearly states that it is non-negotiable.

The customer’s grandson owes $15,000 on the note at the time of application. Since the note is clearly identified as non-negotiable, it is a transfer. The customer got $35,000 as compensation, so the remaining $15,000 is uncompensated.

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2) Customer is the lender of a non-negotiable promissory note

Official source

An ALTCS customer has a promissory note with her grandson. The terms of the promissory note are as follows:

The customer gave her grandson $50,000 to help him buy his new home.

Her grandson will pay $1,500 each month until the balance is paid.

The agreement clearly states that it is non-negotiable.

The customer’s grandson owes $15,000 on the note at the time of application. Since the note is clearly identified as non-negotiable, it is a transfer. The customer got $35,000 as compensation, so the remaining $15,000 is uncompensated.