This is a Promissory Note for use in any state. The promissory note is unsecured, with a fixed interest rate, and contains a provision for installment payments.
Massachusetts Unsecured Installment Payment Promissory Note for Fixed Rate
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US-NOTE-2
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How to fill out Unsecured Installment Payment Promissory Note For Fixed Rate?
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FAQ
Characteristics of promissory note:It is a written legal document. There must be a clear, point to point and unconditional promise of paying a certain amount to a specified person. It should be drawn and signed by the maker. It should be stamped properly. It specifically identifies the name of the maker and payee.
A Promissory note is a contract, which means that it is legally binding. However, it must include certain conditions to ensure it is enforceable.
Acceptance is not an essential requirement of a valid promissory note.
In common speech, other terms, such as "loan", "loan agreement", and "loan contract" may be used interchangeably with "promissory note".
A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
In order for a promissory note to be valid and legally binding, it needs to include specific information. "A promissory note should include details including the amount loaned, the repayment schedule and whether it is secured or unsecured," says Wheeler.
What Happens When a Promissory Note Is Not Paid? Promissory notes are legally binding documents. Someone who fails to repay a loan detailed in a promissory note can lose an asset that secures the loan, such as a home, or face other actions.
Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.
A promissory note can become invalid if it excludes A) the total sum of money the borrower owes the lender (aka the amount of the note) or B) the number of payments due and the date each increment is due.