A promissory note is a written promise to pay a debt. It is an unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to or to the order of a specified person or to the bearer.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
In Washington, a Promissory Note doesn’t expire per se, but the ability to collect the debt is usually bound by a statute of limitations, which is typically six years for written agreements. So, it’s a good reminder that time flies!
Yes, you can amend a Promissory Note if both parties agree to the changes. Just make sure to document the amendments clearly and ideally have it signed again, like giving your agreement an upgrade!
While it’s not always required to get a Promissory Note notarized, doing so can add a layer of security and credibility to your agreement. It’s like putting on a seatbelt; it doesn’t hurt to be safe!
In a Long Form Promissory Note, you should cover the borrower's name, lender's name, principal amount, interest rate, repayment schedule, and what happens if things go south. The more details, the better; it’s all about dotting the i's and crossing the t's.
Yes, it can be modified, but both parties need to agree to the changes. It’s best to put any modifications in writing to avoid any confusion down the line.
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