Promissory Note Form
A Promissory Note, often referred to as a Note, is a signed promise to pay a debt. The person making the promise (the borrower), makes an unconditional promise to pay the lender, or holder of the Note, a fixed sum of money over a fixed amount of time. In the event payment is not made, the lender has the ability to sue for non-payment, whereas the borrower has no right to counter sue. A party also cannot sue for punitive damages (damages above and beyond the amount specified in the Promissory Note) based upon the debt owed. Promissory Note is not a simple acknowledgement of debt; it is a legal promise to repay the debt. This Promissory Note is a promise to repay a specific sum, and has the option to include interest payments. This Note may also be secured by some item, such as a motor vehicle, piece of jewelry or other item of value.
- This form is FREE (why?)
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There is no place to add the lenders name. Also one of questions do you want a witness to sign the form.
I love this site and its great when your dealing with senstive matters and you need a back up for insurance thanks LawSmart
The form is not a regular promissory note. This is something that looks like it was quickly typed up by some kid