Some different samples for a promissory note document type can include those for secured, unsecured, personal and demand promissory notes, states SampleNote.org. However, a very basic promissory note is a legal document that delineates the specifics of a loan agreement between two parties. It should show details such as the city, state, names of the lender and borrower, the sum of money borrowed, a due date for paying back the money, whether there are any interests also due at a specific annual rate and the signatures of both parties and a witness.Continue Reading
A promissory note can also have a clause added that details what happens in case the borrower defaults on the loan. Promissory notes can be for either secured or unsecured loans. Secured loans require property or some type of security as collateral. If it is a secured promissory note, then the exact loan terms must be included in the note and the conditions under which the lender can take ownership of the collateral that is used to back up the loan, reveals SampleNote.org. This website has samples of secured and unsecured promissory notes.
A personal promissory note can be a loan document between family members or between two friends. This type of loan document can be an unsecured promissory note that may not require the borrower to pay interest on the loan amount. Additionally, the loan can be paid back in installments without interest. All this information should be detailed in a promissory note. Samples of this type of promissory note are available at DoYourOwnWill.com and LawDepot.com.Learn more about Writing