Type In Legal Illinois Promissory Notes Forms For Free

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.

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

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.

Names of All Involved Parties -the Promissory Note must include the legal names of all the parties who are a part of the transaction. Contact /Address Details of All Parties - The note must include the address and contact number of all the parties which are involved in the transaction.

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.

No. Promissory notes do not need to be notarized. The borrower only needs to sign the document to make it legally enforceable. A witness may be helpful if one party contests the note, but a notary is not necessary.