This form is a secured Promissory Note. The borrower promises to make all payments on the loan, with interest, to the lender. The form also provides that the maker has the right to make full or partial prepayments without paying prepayment charges.
Broward Florida Multistate Promissory Note - Secured
Category:
State:
Multi-State
County:
Broward
Control #:
US-00601-A
Format:
Word;
Rich Text
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How to fill out Multistate Promissory Note - Secured?
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FAQ
An unsecured promissory note is one that is not secured by any collateral. With this type of promissory note, the maker borrows money from the holder without relinquishing any interest in his property.
If you decide to give the loan without charging any interest, be prepared to justify it to the IRS, because it literally is a gift in the IRS's eyes. The IRS can "impute" interest on your loan, whether you actually charged any interest or not, and require you to report that imputed interest as income.
A promissory note is the document that sets forth the terms of a loan's repayment. A promissory note can be secured with a pledge of collateral, which is something of value that can be seized if a borrower defaults.
A promissory note must specify the percentage interest charged on the loan. All loans should carry some interest, even if it is between family members.
Secured Promissory NotesThe property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.
The borrower agrees to pay a certain amount of money (which may include interest on principle), in installments, on demand or in full at a specified time. Today's promissory notes usually fall into two camps: secured and unsecured.
The Difference Between a Promissory Note & a Mortgage. The main difference between a promissory note and a mortgage is that a promissory note is the written agreement containing the details of the mortgage loan, whereas a mortgage is a loan that is secured by real property.
A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.
While a promissory note is not typically a negotiable instrument as defined in the UCC, it is intended to be and is codified as an instrument that can be easily transferred by the lender to a third party.
BORROWER'S PROMISE TO PAY.INTEREST.PAYMENTS.BORROWER'S RIGHT TO PREPAY.LOAN CHARGES.BORROWER'S FAILURE TO PAY AS REQUIRED.GIVING OF NOTICES.OBLIGATIONS OF PERSONS UNDER THIS NOTE.More items...
