An IOU is usually an informal document acknowledging a debt. The term is derived from the phrases I owe unto and I owe you. An IOU differs from a promissory note in that an IOU is not a negotiable instrument as defined by the Uniform Commercial Code and generally does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor.
Illinois Debt Acknowledgment - IOU
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How to fill out Debt Acknowledgment - IOU?
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FAQ
An IOU is a document recording a debt and an informal agreement typically to pay someone, though it can be to do something. Without memorializing the debt in a more formal written contract, the IOU is not clearly legally binding, and thus more difficult to enforce.
An IOU, a phonetic acronym of the words "I owe you," is a document that acknowledges the existence of a debt. An IOU is often viewed as an informal written agreement rather than a legally binding commitment.
With this in mind, the following terms are recommended when creating an IOU contract: The lender's full name. The borrower's full name. The amount of money ($) borrowed. The due date for the borrowed money. The amount ($) the borrower will pay per month/week. The date the borrower and seller signed the document.
Other Uses of the Term IOU Bonds are technically a form of IOU, whereby an individual loans an amount of money to a company or government and is given a contract promising to repay the money with interest by a certain date. Whilst this agreement is sometimes referred to as an ?IOU?, it is in fact legally binding.
A promissory note is a legally binding promise to repay a debt. These agreements could be used for personal loans, student loans, mortgages and more. Promissory note laws vary by state, but they typically include the loan amount, loan terms and signatures from both the lending and borrowing party.
They can be typed or handwritten, drawn up by either party, and appear on any sort of document?including the proverbial cocktail napkin. At a bare minimum, an IOU should include the borrower's name, the lender's name, the amount of the debt, the current date, the date the debt is due, and the borrower's signature.
What a personal loan agreement should include Legal names and address of both parties. Names and address of the loan cosigner (if applicable). Amount to be borrowed. Date the loan is to be provided. Repayment date. Interest rate to be charged (if applicable). Annual percentage rate (if applicable).
A: Yes, an IOU doesn't have to be notarized. However it should specify particular terms, such as what is the amount of the principal amount owed, when it is due, what if any interest is charged, etc. A witness and notarization can be useful to prove that it was in fact signed, but they are not strictly necessary.
