"Get it in writing" before lending money or valuables to anyone!
Even when a person is a close friend or a family member, it often makes sense to put the expectations of a loan in writing to avoid confusion or ill-will later. "Get it in writing" is the function of a Promissory Note: to outline the terms and repayment schedule for any loan. Create a valid Promissory Note in minutes using this legal forms software from DIY Legal!
PROMISSORY NOTE LEGAL FORMS SOFTWARE
Promissory Notes are legal documents used to create a record of a transaction where money is loaned from one party to another. A Promissory Note provides a way to outline the amount borrowed, the expected repayment schedule, the interest rate, and any other terms to the loan.
Quite simply, creating a legal and valid Promissory Note is a way to "get it in writing" when making a loan to a friend, family member or business associate.
TYPES OF PROMISSORY NOTES INCLUDED:
This DIY Legal Promissory Note Software contains the following legal note forms, each with its own comprehensive instructions for completing the document:
- Promissory Note with Installment Payments Required Upon a Set Payment Schedule
- Promissory Note with Lump Sum Repayment Required Upon an Agreed Upon Date
- Promissory Note with Lump Sum Repayment Required Upon Demand of the Holder
- Cognovit Promissory Note with Installment Payments on a Set Payment Schedule
- Cognovit Promissory Note with a Lump Sum Repayment on an Agreed Upon Date
- Guaranty of Payment Document[IMPORTANT NOTE: Each one of the Promissory Note options listed above is available for single or multiple borrowers, and for requiring a personal/third party guarantee. However, none of the Promissory Notes offered by DIY Legal are structured to be secured by collateral]
Cognovit Promissory Notes create the same legal structure as a Promissory Note, but they also permit the Note Holder to obtain judgment on the Note if any payment or payments are missed -- WITHOUT HAVING TO GO TO A TRIAL. However, some states have passed laws that prohibit the enforcement of cognovit provisions in Promissory Notes. Even if the cognovit provision of this note is not enforceable in the state where the holder resides, the Note itself is still enforceable and a lawsuit can still be initiated should the person signing the note miss any payments.
The Promissory Note Software from DIY Legal is an easy, quick and affordable way to "get it in writing."
That way, when money is lent to anyone -- friends, family members or business associates -- the terms are clear in advance, thereby saving any potential confusion or ill-will later!