This form is a Credit Agreement. A bank agrees to extend a line of credit to the borrower and the borrower agrees to execute a promissory note for the loan. The borrower also grants the bank a security interest in the premium finance notes listed in the agreement.
Missouri Credit Agreement
Category:
State:
Multi-State
Control #:
US-00482
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Promissory notes are legally binding whether the note is secured by collateral or based only on the promise of repayment. If you lend money to someone who defaults on a promissory note and does not repay, you can legally possess any property that individual promised as collateral.
In Missouri, the statute of limitations for oral contracts is five years, written contracts are 10 years, promissory notes are 10 years, and open-ended debts are five years.
Depending on which state you live in, the statute of limitations with regard to promissory notes can vary from three to 15 years. Once the statute of limitations has ended, a creditor can no longer file a lawsuit related to the unpaid promissory note.
Written Contracts: 5 years for payment of money or property, otherwise 10 years. MO Rev Stat § 516.120.; MO Rev Stat § 516.110. Verbal/Oral Contracts: 5 years.
The statute of limitations on contracts and promissory notes in the state of Missouri is generally ten (10) years, with potential to reduce to a period of five (5) years.
