For use in all states except AK,FL,ME,NY,PR,VT,VA,WV,WI
Oklahoma Multistate Promissory Note - Unsecured - Signature Loan
Category:
State:
Multi-State
Control #:
US-00601-B
Format:
Word;
Rich Text
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Description
This form is an unsecured Promissory Note. The form provides that the maker will repay the lender the entire loan, with interest. The lender is also given the discretion of attaching late charges to the monthly payments if the payments are overdue.
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FAQ
A company may issue unsecured notes to raise capital without tying its assets as collateral. This approach often attracts investors looking for higher returns. Additionally, unsecured notes can provide more flexibility in funding and can help stimulate growth while maintaining a favorable leverage ratio.
General Definition. Promissory notes are defined as securities under the Securities Act. However, notes that have a maturity of nine months or less are not considered securities.
Unsecured Promissory NotesAn unsecured promissory note is an obligation for payment without any property securing the payment. If the payor fails to pay, the payee must file a lawsuit and hope that the payor has sufficient assets that can be seized to satisfy the loan.
Acceptance is not an essential requirement of a valid promissory note.
An unsecured promissory note is an obligation for payment without any property securing the payment. If the payor fails to pay, the payee must file a lawsuit and hope that the payor has sufficient assets that can be seized to satisfy the loan.
In order for the promissory note to be valid, the borrower needs to sign it. The lender may require the borrower to sign this document in front of a notary to guarantee the signature.
There is no legal requirement for promissory notes to be witnessed or notarized in Oklahoma. Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
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.
An unsecured promissory note is a legally binding contract between two parties where one party agrees to pay the other a certain amount of money at a specific time in the future. The reason it is called 'unsecured' is because the borrower does not want to pledge any assets as collateral for the loan.
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.