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 With Collateral
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
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.
A secured promissory note should clearly identify the collateral backing the loan. For example, if collateral is being secured by business vehicles, the note should provide their vehicle identification numbers. A small business that is extending credit should also verify collateral is worth enough to cover the debt.
A Secured Promissory Note is a legal agreement that requires a borrower to provide security for a loan. With this lending document, the borrower puts forth their personal property or real estate as collateral if the loan isn't repaid.
Secured Promissory NotesThe property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.
