Complete Legal Illinois Promissory Notes Forms For Free

An Illinois promissory note is a written agreement between two (2) parties whereby one individual promises to repay a sum of money borrowed from the other. A promissory note demonstrates that money was advanced to the borrower under the condition that the sum be refunded to the lender within a certain time frame.

It must be signed by both the lender and the borrower. A promissory note outlines the terms of the loan. For example, certain parts of a promissory note may specify the amount of the loan and the period of time in which the loan should be paid in full. A promissory note in Illinois may be secured or unsecured.

At its most basic, a promissory note should include the following things: Date. Name of the lender and borrower. Loan amount. Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral? ... Payment amount and frequency. Payment due date. Whether the loan has a cosigner, and if so, who.

No. Promissory notes do not need to be notarized. The borrower only needs to sign the document to make it legally enforceable.

The state of Illinois, like every other state in the U.S., has its statute of limitations for various types of debts. All unwritten and open-ended agreements, for example, have a five-year expiration. Written contracts and promissory notes, on the other hand, have a 10-year expiration.

You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.