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. |
The form above is an example of how a typical Promissory Note (Short Form) may be completed.
An arbitrary name for the debtor party has been selected. Generally, the short form promissory note is used for minimal amounts of sums that are borrowed. Usually, the short form promissory note is used between individuals who know each other and acknowledge a short-term loan for repayment within a fairly short period of time.
The address of the debtor should be set forth.
The principal sum of the note.
The name of the creditor or second party to whom the note is given for the sums received.
The address of the party who loaned the sums to the debtor.
The date from which interest should run. Often, this is the same date the document is signed.
The rate of interest that is charged should be set forth. This is regulated by state statute and, for that reason, an attorney should be consulted.
A repayment schedule is set forth.
The name of the party borrowing is set forth.
The name of the party loaning the funds is set forth.
The state under which the laws apply to the document is set forth. Many times variations of this agreement will exist from state to state; therefore, this document must be reviewed by an attorney.
The date on which the document was signed.
The location where the document was signed.
The signature of a witness should be placed at this juncture. However, many times verification or, in other words, signature before a Notary Public may be necessary before the promissory note may be valid. Therefore, an attorney should be consulted.
The signature of the debtor.
The address of the 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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