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 Sample
Category:
State:
Pennsylvania
Control #:
PA-00431-D
Format:
Word;
Rich Text
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FAQ
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).
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.
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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When can the lender take possession of the collateral (for example, after three months of missed payments? One year?) Interest rate.The non-collateral promissory note is an unsecured loan that does not use any property or assets to secure the repayment of the note. For example, perhaps the borrower is putting up a piece of property as collateral. A promissory note is a written commitment to pay someone. There may be additional legal forms you must file if your promissory note will be secured with collateral. Promissory Note and Security Agreement sample contracts and agreements. 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. Or Promissory Note, Security Agreement, and Disclosure. Promissory Note (Acquisition Loan) (Pro-Lender) (PA).
