This is a Promissory Note for your state. The promissory note is secured, with a fixed interest rate, and contains a provision for installment payments.
Virginia Promissory Note Contract With Security
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How to fill out Virginia Promissory Note Contract With Security?
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Promissory notes are legally binding contracts. That means when you don't pay back your loan, you could lose your collateral. If there's no collateral to secure the loan, the lender on the promissory note can take the borrower to court seeking repayment.
The 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.
There is no legal requirement for most promissory notes to be witnessed or notarized in Virginia (promissory notes related to real estate must be notarized). Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
A promissory note can be secured with a pledge of collateral, which is something of value that can be seized if a borrower defaults.
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In many ways, a promissory note is like a written contract. 2016 Code of Virginia Title 8.The loan shall be made without security and without endorsement. A promissory note, in simplest terms, is the acknowledgment of a debt.