What is an IOU in Finance? – Vorphy

What is an IOU in Finance? – Vorphy

7 December 2022
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Id: 23017
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An IOU is a written but largely informal acknowledgment that a debt exists between two parties and the amount that the borrower owes the lender. Signed by the borrower, it usually indicates the date the debt is paid off but often omits other details, such as the payment schedule or interest payable. It cannot be sold or transferred to another party and offers little legal recourse to the lender if it is not respected by the borrower.

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Address: Vorphy, Lohia Road, A Block, Sector 63, Noida, Uttar Pradesh, India, India,
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