12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

A Guide to Promissory Notes in Zip Code 63119

A Guide to Promissory Notes in Zip Code 63119


Some people use one half their ingenuity to get into debt, and the other half to avoid paying it.
 
- George Prentice


A promissory note is a financial instrument that contains a written promise by one party to pay another party a specific sum of money either on demand or at a specified future date. A promissory note typically contains all the terms of the debt, such as the amount, interest rate, maturity date, date and place of issuance, and issuer's signature. Promissory notes are known by other names such as Note Payable Form, Promissory Note Form, and Note.

The borrower may be referred to as the maker, obligor, payor, or the promisor. The borrowed money is called the principal. The lender may be called the payee, oblige, or promise. The note usually includes a specified amount of interest on the unpaid principal amount. The specified time of payment may be: a) whenever there is a demand, b) on a specific date, c) in installments with or without the interest included in each installment, d) installments with a final larger amount (balloon payment).

A promissory note may contain other terms such as the right of the lender to order payment be made to another person, penalties for late payments, a provision for attorney's fees and costs if there is a legal action to collect, the right to collect payment in full if the note is secured by real property and the property is sold ("due on sale" clause), and whether the note is secured by a mortgage or deed of trust or a financing statement (a filed security agreement for personal collateral).

The promissory note is usually held by the party to whom the money is owed. When the amount due on the note, including interest and penalties is paid, the note must be cancelled and surrendered to the person who signed it. A promissory note need only be signed and does not require an acknowledgement before a notary public to be valid.


When to Use a Promissory Note

• Use a promissory note if you want to formalize the agreement to let a person loan or borrow money from you

• If you want to loan money to a business or private party and you want all the terms in writing

• If you wish to prepare an amortization table of the loan that includes interest

• If you want to see and determine the amount of monthly payment for the loan

• If you are assigned to outline the terms of loan of a lender and a borrower

• Make sure to print, sign and save the document after completing

Basics of a Promissory Note

A loan should have a written contract as to avoid misunderstandings about the terms of payments later. Every loan is unique, so it is a great idea to put everything into writing. Writing a promissory note should be tailored to your specifications of that particular loan. Check out a free preview of a promissory note at 12Law.

Payment Options for your Promissory Note:

Structuring payment can have several options:

• Lump Sum. This means that the borrower will return the money borrowed in a full, single payment. A date due will be indicated on the promissory note or it can be noted as "due on demand". This is the most straightforward type of repayment.

• Due on Demand. The lender can demand anytime that the borrower repay him or her. The borrower is given time before a demand is made, and if agreed by both parties, the borrower can make initial payments before the demand.

• With Interest. A monthly interest rate can be included on the promissory note. The payment will be applied on the interest due first and the principal after. If payment is not made, the lender can have the option to increase the interest rate moving forward.

Collecting on your Promissory Note

Having a promissory note is not a guarantee that the borrower will readily pay you back in a timely manner. If you have difficulties in being paid by the borrower, consider the following:

• Be polite. Sometimes life gets in the way and loan payments are not on time. Some unforeseen circumstances may have befallen the borrower. Generally, borrowers do not want to feel beholden and they are motivated to repay their loans. Asking nicely for repayment and being understanding about unforeseen circumstances may make the borrower more inclined to pay in full. Being polite can pay off in the end

• Ask for payment in writing. If being nice does not yield results, consider the more direct approach of sending a past due notice. This will get their attention and show the borrower that you are serious about collections. As the lender, make sure you have the copies of these notices as they can be useful if your loan ends up in court

• Use a Debt Settlement Agreement. This is done to restructure the payment scheme if the borrower cannot pay the loan. Rather than write off the entire loan as a loss or incur legal fees, the borrower is given the chance to make good on the money borrowed by changing the amount owe or the amount of time the borrower has to pay the lender.

• Call a debt collector. As a last resort, you can call a professional to collect on the payments. Debt collecting agencies will buy your debt at a discount and then use aggressive tactics to collect what they can.

 
Personalize & Print a Free MO Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free MO Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Zip Code 63119
Farris Law
116 E Lockwood Ave
Saint Louis, MO 63119
(314) 252-9937
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Disability Law Center
307 N Laclede Station Rd
Saint Louis, MO 63119
(888) 828-9888
General Practice Attorneys, Attorneys, Legal Service Plans
JCS Law
75 W Lockwood Ave
Saint Louis, MO 63119
(314) 561-9690
Bankruptcy Law Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Traffic Law Attorneys,  At
John C. Schleiffarth, P.C.
75 W. Lockwood Ave Ste 222
St. Louis, MO 63119
(314) 561-9690
Bankruptcy Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
The Onder Law Firm
110 E Lockwood Ave # 2
Saint Louis, MO 63119
(314) 963-9000
Attorneys,  DUI & DWI Attorneys,  Personal Injury Law Attorneys,  General Practice Attorneys,  Medic
Charron Law Firm
313 N Rock Hill Rd
Saint Louis, MO 63119
(314) 963-8939
Attorneys, Real Estate Attorneys, Legal Service Plans, Estate Planning Attorneys, General Practice A
Jill Puertas LLC
8711 Big Bend Boulevard
Webster Groves, MO 63119
(314) 918-8886
Child Custody Attorneys, Divorce Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning At
Hacking Law Practice
34 N Gore Ave # 101
Saint Louis, MO 63119
(314) 961-8200
Immigration Law Attorneys, Attorneys
Gerard L. Guerra
110 E Lockwood Ave
Saint Louis, MO 63119
(314) 227-7700
Attorneys, Traffic Law Attorneys, DUI & DWI Attorneys
Goldson and Hoekel LLC
130 East Lockwood Avenue
Saint Louis, MO 63119
(314) 961-6965
General Practice Attorneys, Attorneys
Guerra Law Firm
110 E Lockwood Ave
Saint Louis, MO 63119
(636) 825-6666
Employee Benefits & Worker Compensation Attorneys,  Employment Opportunities,  Attorneys,  Labor & E
Dowd James M
15 N Gore Ave
Saint Louis, MO 63119
(314) 961-4442
Personal Injury Law Attorneys, Attorneys
Michelle M. Funkenbusch
8050 Watson Rd., Suite 355
St. Louis, MO 63119
(314) 338-3500
Workers Compensation Assistance,  Criminal Law Attorneys,  Divorce Attorneys,  DUI & DWI Attorneys,
Bohrer Law Firm LLC
7503 Big Bend Blvd
Saint Louis, MO 63119
(314) 492-3422
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Accident & Property Damage Attorneys,
Kuhlmann LLC
7646 Watson Road
Saint Louis, MO 63119
(314) 621-3267
Business Litigation Attorneys, Personal Injury Law Attorneys
Andrew W Kuhlmann
7646 Watson Road
Saint Louis, MO 63119
(314) 621-3267
Attorneys
Fox & Vuylsteke
110 E Lockwood Ave
Saint Louis, MO 63119
(314) 961-3222
General Practice Attorneys, Attorneys, Legal Service Plans
Avioli Law Firm
144 W Lockwood Ave
Saint Louis, MO 63119
(314) 336-2500
General Practice Attorneys, Attorneys, Legal Service Plans
DeVoto, Thomas C - The DeVoto Law Firm
7646 Watson Rd
Saint Louis, MO 63119
(314) 961-0330
Attorneys,  Arbitration Services,  Arbitration & Mediation Attorneys,  Personal Injury Law Attorneys
Daniel Chartrand
7646 Watson Rd
Saint Louis, MO 63119
(314) 961-0330
Legal Service Plans,  Attorneys,  Estate Planning Attorneys,  Wills, Trusts & Estate Planning Attor
Bardol Law Firm, LLC
34 N Gore Ave Ste 203
Saint Louis, MO 63119
(314) 918-0100
Traffic Law Attorneys
Slipian Sally I
9322 Manchester Rd
Saint Louis, MO 63119
(314) 961-0097
General Practice Attorneys, Attorneys
Paperner Howard
9322 Manchester Rd
Saint Louis, MO 63119
(314) 961-0097
General Practice Attorneys, Attorneys
Fischer David S
9322 Manchester Rd
Saint Louis, MO 63119
(314) 961-0097
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US