For use in all states except AK,FL,ME,NY,PR,VT,VA,WV,WI
Virginia 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.
Free preview
How to fill out Multistate Promissory Note - Unsecured - Signature Loan?
You can allocate time online searching for the legal document format that satisfies the federal and state requirements you will need.
US Legal Forms offers thousands of legal templates that can be assessed by experts.
You can effortlessly download or print the Virginia Multistate Promissory Note - Unsecured - Signature Loan from the service.
If available, use the Preview button to browse through the document format as well.
- If you already possess a US Legal Forms account, you can Log In and click on the Download button.
- Following that, you can complete, modify, print, or sign the Virginia Multistate Promissory Note - Unsecured - Signature Loan.
- Each legal document format you purchase belongs to you for years.
- To obtain another copy of any purchased form, go to the My documents tab and click the respective button.
- If you are visiting the US Legal Forms website for the first time, follow the simple instructions below.
- First, make sure you have chosen the correct document format for the area/city of your choice.
- Review the form description to ensure you have selected the appropriate document.
Form popularity
FAQ
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.
So, what's the difference between secured and unsecured promissory notes? It's actually quite simple. A secured note is any debt collateralized with real property like a first deed of trust or car title. Conversely, an unsecured note is any debt not secured by collateral (or uncollateralized).
An unsecured note is not backed by any collateral and thus presents more risk to lenders. Due to the higher risk involved, these notes' interest rates are higher than with secured notes. In contrast, a secured note is a loan backed by the borrower's assets, such as a mortgage or auto loan.
Executing the promissory note is what makes it legal. Banks often have the promissory note notarized and signed by a witness or two. While this isn't required, it does create an extra layer of legality when other parties witness the agreement execution.
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.
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.
There is no legal requirement for most promissory notes to be witnessed or notarized in Virginia (promissory notes related to real estate must be notarized). Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
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.
A Promissory Note only requires the signature of a borrower, whereas the Loan Agreement should include signatures from both parties. It should clearly state how borrower will make the payments. Like at the end of the term, regular periodic payment, regular payments towards interest only (or interest & principal).
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.