Us Promissory Note Template

A promissory note is a written promise issued by a borrower to a lender stating that the borrower will pay the stated amount of money at a later date.

Us promissory note template. The document is created before your eyes as you respond to the questions. Click the image to zoom in and read specific clauses of the promissory note in more detail. Free promissory note template example pdf word download a blank ms word version of this promissory note or view a completed pdf sample to see what the final draft should look like. For a more detailed loan an in depth loan agreement can be used.

Headings to this promissory note are for convenience only and shall not be construed to limit or otherwise affect the terms of this promissory note. This note is hence. The time period for repayment may be definitive or at lenders demand. First it is used as documentation that the borrower and the lender are in agreement and that the lender is willing to go by the agreement.

A promissory note is primarily used as a binding document between the lender the borrower and the law. Promissory notes are governed by article iii of the uniform commercial code the ucc. Scroll to the bottom for a blank repayment schedule that you can fill in. A promissory note is a short succinct document for a loan.

How to modify the template. Therefore to help business owners save time promissory note templates are available on the web for free. This promissory note will inure to the benefit of and be binding upon the respective successors assigns heirs executors andor administrators of borrower. There are 2 types of promissory notes secured and unsecured.

Promissory notes are one the many financial instruments available in the market. The document holds the borrower accountable for paying back the money plus interest if any. This sample promissory note also available in microsoft word pdf and plain text downloadable files spells out how and when you are to be paid and what happens if the borrower doesnt repay the loan. A promissory note or promise to pay is a note that details money borrowed from a lender and the repayment structure.

It is secured in that it is backed by collateral which may be sold or confiscated in the event of a default. A secured promissory note is a kind of a document which is signed and intended to acknowledge that some money is owed and is to be paid in future. A promissory note is a legal form that documents a loan between two parties.