1. Purpose of this Act. Labour Relations Act (No. 66 of 1995). as amended by the. Amendment-Afrikaans Labour Relations Act 1998, Amendment-Labour Relations Act 1996, Amendment-Labour Relations Act 1998, Amendment-Labour Relations Act 2000, and Amendment-Labour Relations Act 2002.abour Relations Act (No. 66 of 1995). as amended by the. Amendment-Afrikaans Labour Relations Act 1998, Amendment-Labour Relations Act 1996, Amendment-Labour Relations Act 1998, Amendment-Labour Relations Act 2000, and Amendment-Labour Relations Act 2002.
An unsecured debt is an obligation or debt that does not have specific property (like your house or car) serving as collateral for payment of the debt. If you fail to make payment on an unsecured debt, the creditor cannot take any of your property without first suing you and getting a court judgment. (There are a few exceptions to this rule.). A secured debt, on the other hand, has a piece of property serving as collateral for the debt.
A promissory note is commonly unsecured, which just means that it's not attached to a physical piece of property. A mortgage loan is a secured debt, meaning that the amount borrowed is backed by the real estate property the borrower purchases.n technical terms, a mortgage loan is a promissory note. The borrower agrees to pay the lender back the principal plus interest over a certain period of time in regular installments. If the borrower fails to pay back the mortgage, the lender can accelerate the debt, meaning that the entire debt becomes due.