Utah Form of Convertible Promissory Note, Common Stock
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How to fill out Form Of Convertible Promissory Note, Common Stock?
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FAQ
Where a promissory note qualifies as a "security," federal jurisdiction is available to enforce the fraud provisions and possibly the registration requirements of the securities acts. Otherwise, an injured party is restricted to those remedies offered under state law.
Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
A convertible promissory note is a debt instrument that converts into equity of the issuing company upon certain events. Typically, a note would convert into equity in a subsequent equity financing round and perhaps upon the note's maturity or a sale of the company.
In general, the promissory note is your written promise to repay the loan and a security agreement is used when collateral is given for the loan.
You can take a security interest in a promissory note owed to your debtor in the same way that you can take a security interest in account receivables. You can also take a security interest in any stocks or limited partnership interests owned by the debtor.
Typical terms of convertible notes are: interest rate, maturity date, conversion provisions, a conversion discount, and a valuation cap.
Typically, promissory notes are securities. They must be registered with the SEC, a state securities regulator, or be exempt from registration.