This is not a substitute for legal advice. An attorney must be consulted. "This work is protected under the copyright laws of the United States. No reproduction, use, or disclosure of this work shall be permitted without the prior express written authorization of the copyright owner. Copyright © 1994 - 2015 by LAWCHEK, LTD." |
This
is not a substitute for legal advice. An
attorney must be consulted. |
This
is not a substitute for legal advice. An
attorney must be consulted. |
This
is not a substitute for legal advice. An
attorney must be consulted. |
The form above is an example of how a typical Promissory Note (Long Form) may be completed.
The full name and address of the party who owes the debt should be included here.
The full name and address of the bank or party to whom the debt is owed.
The date of the note or the date the debt is incurred is noted at this space.
The total amount borrowed should be inserted at this point.
The rate of interest needs to be disclosed at this point.
The use for which the money is being loaned should be set forth.
The date the note is due should be stated.
The date the note is signed.
The total amount of the note.
The rate of interest should be set forth.
Two options are provided in this sample note: (1) the option of a single payment, which includes the amount of the note, plus interest, or (2) the option of installments, which is subparagraph (b). In this particular case, the option of single payment was chosen and has been completed for illustration purposes.
The total amount of the principal, plus the amount of interest, is shown.
The maturity date when the principal and interest are due is set forth.
The amount of interest for the note is set forth. This may be regulated by state law; therefore, it is important to consult legal counsel as to the rates that may be changed.
A higher rate of interest may be charged is the note is not paid on a timely basis. Again, an attorney should be consulted.
In this particular case, the security offered happens to be accounts receivable. Other security may be offered including real estate or personal property, etc., subject to state law.
The state in which the transaction is regulated should be set forth.
Various bases for default are set forth under this paragraph 6. These may vary from state to state; therefore, an attorney should be consulted.
The remedies to which the parties have agreed are set forth and again this matter is something that may change subject to state regulations. Therefore, an attorney must be consulted.
The state of Illinois has been chosen as the state applicable, since the note was written in Illinois.
It is possible under certain circumstances and in certain states for the notes to be assigned. Many times banks will assign notes to other parties, and that designation has been set forth in this agreement. Again, an attorney should be consulted relative tot his particular language.
The location of Chicago, Illinois, was arbitrarily selected.
The date on which the note was signed should be set forth.
The signature of the authorized agent of the Second Party Creditor.
The signature of the First Party Debtor.
The address of the Second Party/Creditor.
The address of the First Party/Debtor.
This is not a substitute for legal
advice. An
attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.
This is not a substitute for legal advice. An attorney must be consulted.
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