This is a form of Promissory Note for use where personal property is security for the loan. A separate security agreement is also required.
South Carolina Promissory Note With Personal Guarantee
Category:
State:
South Carolina
Control #:
SC-NOTESEC2
Format:
Word;
Rich Text
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FAQ
A promissory note is a legal document signed by a debtor who promises to pay a debt in a form and manner as described in the document. A personal guaranty, as defined at businessdictionary.com, is an agreement that makes one liable for one's own or a third party's debts or obligations.
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 promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
Personal Guarantee: Taking Responsibility A promissory note alone may not be enough to secure the loan your business needs. That's why your promissory note could include a personal guarantee. Since a promissory note is basically just an IOU, a lender will want some kind of collateral to secure the loan.
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.
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Mortgages; Personal loans among friends or family; Student loans. Typically, secured promissory notes are needed for large loans, including personal loans made from banks and other lenders.Although this is a powerful legal enforcement of your rights under the promissory note, it does not in and of itself guarantee repayment of the note. Complete a Master Promissory Note (MPN) at studentloans. Gov if this is your first Direct Loan. South Street, Gastonia, North Carolina 28052 or at such place as the legal holder hereof may designate in writing. Borrower Instructions for Completing the Application and Promissory Note.