This form is a Promissory Note in connection with the sale of a vehicle where the Buyer is to pay a portion of the purchase price over time.
Pennsylvania Promissory Note With Collateral
Category:
State:
Pennsylvania
Control #:
PA-00431-D
Format:
Word;
Rich Text
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Description
How to fill out Pennsylvania Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
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.
There is no legal requirement for most promissory notes to be witnessed or notarized in Pennsylvania (promissory notes related to real estate may need to be notarized).
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.
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.
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Promissory notes may be more informal than full-blown loan contracts and financing agreements but they must still be carefully written. A promissory note is a written commitment to pay someone.A secured promissory note is used if personal property or real estate is collateral for the loan. The non-collateral promissory note is an unsecured loan that does not use any property or assets to secure the repayment of the note. Promissory Note (Acquisition Loan) (Pro-Lender) (PA). Electronic Promissory Notes. Welcome to ECSI's Electronic Promissory Note site. Disclosure of total charge on other installment loans. Or Promissory Note, Security Agreement, and Disclosure. If the sale of the collateral is insufficient to repay the loan, the bank still has the right to sue you on the promissory note for any deficiency.
