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.
Tennessee Promissory Note Form
Category:
State:
Tennessee
Control #:
TN-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Tennessee Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
In Tennessee, there is no legal requirement to have a promissory note notarized. To make the document into a legal document, a Tennessee promissory note must be signed and dated by the borrower.
Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money.
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.
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.
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.
