Georgia Promissory Note
Description
How to fill out 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.
If the borrower does not repay you, your legal recourse could include repossessing any collateral the borrower put up against the note, sending the debt to a collection agency, selling the promissory note (so someone else can try to collect it), or filing a lawsuit against the borrower.
If timely payment is not made by the borrower, the note holder can file an action to recover payment. Depending upon the amount owed and/or specified in the note, a summons and complaint may be filed with the court or a motion in lieu of complaint may be filed for an expedited judgment.
Promissory notes are legally binding contracts that can hold up in court if the terms of borrowing and repayment are signed and follow applicable laws.
GA Statute of Limitations on Debt Promissory notes ? four-year statute. Oral contract ? four-year statute. Written contracts ? six-year statute.
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.
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.