This is a form of Promissory Note for use where personal property is security for the loan. A separate security agreement is also required.
Louisville Kentucky Installments Fixed Rate Promissory Note Secured by Personal Property
Category:
State:
Kentucky
City:
Louisville
Control #:
KY-NOTESEC2
Format:
Word;
Rich Text
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How to fill out Kentucky Installments Fixed Rate Promissory Note Secured By Personal Property?
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FAQ
The borrower records the note by debiting the cash account and crediting the notes payable account. The rest of the notes payable formula includes that interest due to date is accrued at the end of each financial period by debiting the interest expense account and crediting the interest payable liability account.
The Court ruled that the promissory notes were securities under the UCC because they met the ?transferability test? under Article 8; specifically they were represented by a certificate, the transfer of which may be registered upon books maintained for that purpose by the issuer.
A promissory note refers to a written document stating that a certain amount of money will be paid to someone by a specified date. Generally, it is not necessary for the note to be recorded officially. The borrower is required to sign the note, but the lender may choose not to sign it.
Promissory notes are legally binding contracts. That means when you don't pay back your loan, you could lose your collateral. If there's no collateral to secure the loan, the lender on the promissory note can take the borrower to court seeking repayment.
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).
A secured promissory note is an obligation to pay that is secured by some type of property. This means that if the payor fails to pay, the payee can seize the designated property to obtain reimbursement of the loan.
In general, under the federal Securities Acts, promissory notes are defined as securities, but notes with a maturity of 9 months or less are not securities.
Enforcing a secured promissory note is simply a matter of either repossessing the secured asset through your own efforts, or hiring a professional agency to accomplish the task on your behalf. These agencies will charge a set fee for their services, but they usually have a very high rate of success.
When the borrower signs the promissory note, the lender records the written promise in a Notes Receivable account, which appears under Assets on the lender's balance sheet.
Promissory notes are legally binding contracts. That means when you don't pay back your loan, you could lose your collateral. If there's no collateral to secure the loan, the lender on the promissory note can take the borrower to court seeking repayment.