Common Contracts
1 similar Promissory Note Agreement contracts
Promissory note agreement pdfPromissory Note Agreement • July 9th, 2023
Adobe PDF MS Word A promissory note is an agreement to borrow money from someone else stating specific time-periods for being paid-back along with an interest rate, late payment penalties, and any other terms the parties agree upon. Release Form – After a note has been paid in full, the lender will usually issue a release (or can be requested by the borrower). This is a receipt that states the repayment of the note has been satisfied and there is no financial obligation by either party. Types There are two (2) main types of promissory notes: Secured – Type of loan agreement that secures an asset for the lender in the event that the borrower does not pay that the said asset will be transferred to the lender. Unsecured – Type of loan contract that does not have an asset that is secured in the chance that the borrower does not pay back the amount loaned. In the case of non-payment, the lender would have an unpaid note and would have to go through alternative or legal measures to be paid b
