The following form is a generic contract for the breeding services of a stallion. Title to the stallion, of course, remains vested in the owner, although the stallion will be located on the premises of another.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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Promissory notes do not need to be notarized. The borrower only needs to sign the document to make it legally enforceable. A witness may be helpful if one party contests the note, but a notary is not necessary.
Even without a signature from a notary public, it can still be a valid promissory note. Getting your loan agreement notarized can strengthen it in sensitive cases: Notarizing your note could make it legally stronger. ? This means it's more likely to stand up in court thanks to the extra witness of a notary public.
A promissory note could become invalid if: It isn't signed by both parties. The note violates laws. One party tries to change the terms of the agreement without notifying the other party.
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 typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer's signature.
In order for the note to be negotiable, the Code requires that it must be in writing, be signed by the maker, be an unconditional promise to pay, state a specific sum of money, be payable on demand or at a definite time and be payable to the payee or bearer.
