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.
Texas Credit Agreement
Category:
State:
Multi-State
Control #:
US-00482
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Credit Agreement?
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FAQ
TEXAS LAW (Section 26.02, Business and Commerce Code) requires that all financial institutions conspicuously post notices summarizing requirements that loan agreements be in writing.
The agreement should be signed & dated by the parties. The signatures of the parties should be witnessed by an independent 3rd party who should give their full details & address.
Usually, an IOU and a promissory note form are only signed by the borrower, although they may be signed by both parties. A loan agreement is a single document that contains all of the terms of the loan, and is signed by both parties.
For a personal loan agreement to be enforceable, it must be documented in writing, as well as signed and dated by all parties involved. It's also a good idea to have the document notarized or signed by a witness.
Most agreements are valid whether they begin as an oral contract or a written contract. But agreements that involve real estate transfers are so important that they aren't enforceable if they aren't in writing.
In general, a personal loan contract is just as legally binding between friends or family as it would be with a bank. However, a contract between friends or family might be simpler or have fewer terms. Each agreement, though, is likely to have the same main provisions.
For instance, if the terms of the note are unclear or if there is evidence that the maker did not intend to repay the debt, a court may find that the note is invalid. Additionally, if the payee knew that the maker could not repay the debt when they signed the promissory note, this may also render the agreement invalid.
