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.
Louisiana Line of Credit Promissory Note
Category:
State:
Multi-State
Control #:
US-01776-NT
Format:
Word;
Rich Text
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How to fill out Line Of Credit Promissory Note?
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FAQ
Actions on instruments, whether negotiable or not, and on promissory notes, whether negotiable or not, are subject to a liberative prescription of five years.
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.
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 ...
Debts from a breach of contract in Louisiana have a prescription period of 10 years beginning from the date of breach or last payment to the debt account. This period covers all types of general contracts except those assigned specific periods following their governing codes within the state's laws.
A promissory note need only be signed and does not require an acknowledgement before a notary public to be valid.
Promissory notes, whether negotiable or not, are subject to a prescriptive period of five (5) years. ( ) This prescription commences to run from the day payment is eligible.
If no demand for payment is made to the maker, an action to enforce the note is barred if neither principal nor interest on the note has been paid for a continuous period of five years.