How Do I Write Simple Promissory Note?
I need to write a simple promissory note. No interest, just a promise to pay. What does it need to be legal in the US?
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It's pretty simple, its really just a glorified IOU. But you have to state some facts for it to hold up in court.
Who is doing the lending? Who is doing the borrowing? What are their legal names and addresses? How much is the loan for? What are the repayment terms? Is their any collateral? If so, state it.
Any late fees? What happens if the borrower defaults? Will you agree to mediation or arbitration? Who pays legal fees? In what currency will the funds / payments be accepted? To what address should the payments be sent? Are there any restrictions on what the money is for or how it is to be spent?
You get the idea. Just spell out all the facts very clearly. Make sure you date it. Make sure you both sign it, with witnesses if possible. Getting it notarized is even better! Because of the legal ramifications, consult an attorney, otherwise if they don't repay, you will have solid legal footing for recourse. Legalforms.com has pretty good templates for about ten bucks.
Who is doing the lending? Who is doing the borrowing? What are their legal names and addresses? How much is the loan for? What are the repayment terms? Is their any collateral? If so, state it.
Any late fees? What happens if the borrower defaults? Will you agree to mediation or arbitration? Who pays legal fees? In what currency will the funds / payments be accepted? To what address should the payments be sent? Are there any restrictions on what the money is for or how it is to be spent?
You get the idea. Just spell out all the facts very clearly. Make sure you date it. Make sure you both sign it, with witnesses if possible. Getting it notarized is even better! Because of the legal ramifications, consult an attorney, otherwise if they don't repay, you will have solid legal footing for recourse. Legalforms.com has pretty good templates for about ten bucks.
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