Replace Text In Legal Georgia Promissory Notes Forms For Free

If available, a copy of the original note should be attached. The affidavit must be signed in the presence of a notary public. If the borrower refuses to sign a new promissory note, you will need to establish the lost note in court. This will require filing the affidavit along with other court documents.

The Loan shall be evidenced and governed by a new promissory note (the ?New Note?) which amends and restates in its entirety, but does not extinguish, the Note. Anything to the contrary notwithstanding, if any inconsistency exists between the Loan Agreement and the New Note, the New Note shall control.

If the borrower isn't meeting the original payment plan, the lender and borrow may need to rework the terms -- for example, lower payments, agree to interest-only payments, or lower the interest rate. This will allow you to modify your promissory note (IOU form).

Even if the original note is lost, the other original documents or the copies can be used to establish the existence of the loan. You may want to hire an online service provider to assist you in preparing the replacement promissory note, as well as the Affidavit of Lost Promissory Note and Indemnity Agreement.

However, using a lawyer is not necessary for the loan to be valid. Once you draft the promissory note, it's time for everyone to sign it: the lender, the borrower and the co-signer (if there is one). Again, seeking professional help such as notarizing the signatures is a good idea but not required.

For example, you might agree to change the interest rate or the length of the loan. Always put promissory note changes in writing and have the borrower sign off on them, as oral changes can't be enforced in court. Changing a note without the borrower's written agreement makes a promissory note invalid.