This form 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.
Promissory Note Template Alabama For Google Docs
Category:
State:
Alabama
Control #:
AL-012-02-CP
Format:
Word;
Rich Text
Instant download
Description
How to fill out Alabama Promissory Note?
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FAQ
You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.
Detailed Information The note has all the required information including the name of the drawer and payee, date of maturity, terms of repayment, issue date, name of the drawee, name, and signature of the drawer, principal amount, and the rate of interest, etc.
A banknote is frequently referred to as a promissory note, as it is made by a bank and payable to bearer on demand. Mortgage notes are another prominent example. If the promissory note is unconditional and readily saleable, it is called a negotiable instrument.
Although a promissory note is usually written on a computer and printed out or a pre-made form is filled out, a handwritten promissory note signed by both parties is legal and will stand up in court.
At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
