Promissory Note Template Michigan With Collateral
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How to fill out Promissory Note Template Michigan With Collateral?
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FAQ
There is no legal requirement for most promissory notes to be witnessed or notarized in Michigan (a promissory note for a home loan, however, may need to be notarized). Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
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.
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.