For use in all states except AK,FL,ME,NY,PR,VT,VA,WV,WI
Tennessee Multistate Promissory Note - Unsecured - Signature Loan
Category:
State:
Multi-State
Control #:
US-00601-B
Format:
Word;
Rich Text
Instant download
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
In Tennessee, there is no legal requirement to have a promissory note notarized. To make the document into a legal document, a Tennessee promissory note must be signed and dated by the borrower.
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.
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.
Generally, promissory notes do not need to be notarized. Typically, legally enforceable promissory notes must be signed by individuals and contain unconditional promises to pay specific amounts of money.
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.
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.
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.
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.
Even if you have the original note, it may be void if it was not written correctly. If the person you're trying to collect from didn't sign it and yes, this happens the note is void. It may also become void if it failed some other law, for example, if it was charging an illegally high rate of interest.