This form is a promissory note. See preview below.
Chicago Illinois Promissory Note
Category:
State:
Illinois
City:
Chicago
Control #:
IL-17074-MH
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Today, many large syndicated loans are ?noteless,? with a promissory note being issued only if a lender requests one. A promissory note evidences an obligation to repay a loan.
Anyone lending money can issue a promissory note (like home sellers, credit unions, FinTech solutions, and nonmortgage-related banks, for instance) but specific to real estate and the mortgage process, promissory notes serve as an agreement that the borrower will repay their mortgage loan by the maturity date.
A promissory note is a contract, a binding agreement that someone will pay your business a sum of money. However under some circumstances ? if the note has been altered, it wasn't correctly written, or if you don't have the right to claim the debt ? then, the contract becomes null and void.
If you are borrowing money from a lending institution, they will have someone on staff who creates a promissory note. However, if you need a promissory note for a personal loan or a loan between friends and family, you can contact a lawyer or financial professional to help you create a promissory note.
A valid promissory note only needs the signatures of the participating parties involved in the agreement, not necessitating acknowledgment or being witnessed by a notary public to be legitimate.
A promissory note is like a written promise or IOU for everything from car loans to loans between family members. Even without a signature from a notary public, it can still be a valid promissory note.
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.
In Illinois, the statute of limitations is: Five years for unwritten debt agreements and open-ended agreements. Ten years for written agreements and promissory notes.
Financial institutions such as banks and lenders often use promissory notes when issuing real estate mortgage loans or student loans. Companies or individuals also use promissory notes when issuing or taking on personal loans or corporate loans.
Dated Signature: In Illinois, both unsecured and secured promissory notes must be signed and dated by the borrower, any co-signer, and the lender. There is no legal requirement for a promissory note to be witnessed or notarized in Illinois.