This form is a secured Line of Credit Promissory Note. The form provides that the borrower will repay all sums to the lender, with interest. The agreement also provides that if the borrower defaults, the lender may declare that the entire balance is immediately due.
Arizona Line of Credit Promissory Note
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Multi-State
Control #:
US-01776-NT
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Word;
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How to fill out Line Of Credit Promissory Note?
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FAQ
Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
Arizona has a six-year statute of limitations to enforce installment debt created by a written contract, which is codified at A.R.S. § 12-548. A lender must enforce the debt through foreclosure or a lawsuit within six years after the cause of action accrues.
Rule #5 - In order to pay off the debt, or what is called "discharging the debt"; all one has to do is write/ (or create) your own certified promissory note (a negotiable instrument under Uniform Commercial Code (UCC) Section 3- 104 paragraph (e)), with your signature on the promissory note in the amount of the ...
Statute of Limitations in Arizona The statute of limitations for credit card debt is three years. For car loans, mortgages and medical debts it's six years, and for unpaid taxes it's 10 years. The timeframe indicates the amount of time a debt collector has to collect a debt.
Because the maturity date of a promissory note is the last scheduled installment payment of the debt instrument, the cause of action for that final installment payment ?accrues? on the loan maturity date. As a result, a lender cannot sue upon the promissory note six years or more after the scheduled maturity date.
Type of DebtTime PeriodMedical debt6 yearsWritten contracts, including most credit card debt6 yearsAuto loan debt if there was a repossession4 yearsState tax debt10 years
Breach of Written Contract. The applicable statute of limitations for actions of written contracts is six years for contracts executed within Arizona [and four years for contracts executed outside the state].
A form of promissory note to be used to evidence advances under an uncommitted line of credit when the lender uses a line of credit confirmation letter instead of a separate line of credit agreement and the parties are not contemplating a negotiable instrument.