California Promissory Note

State:
Multi-State
Control #:
US-CC-12-1780GR
Format:
Word; 
Rich Text
Instant download

Description

This is a Promissory Note, to be used across the United States. This form is only a sample, and should be modified to fit your own individual needs.
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FAQ

A promissory note can become invalid if it excludes A) the total sum of money the borrower owes the lender (aka the amount of the note) or B) the number of payments due and the date each increment is due.

Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.

Although it's a legal document, writing a promissory note doesn't have to be difficult. There are even websites online that offer fill-in-the-blank templates, like eForms or .

In order for a promissory note to be legally binding, it must include the signature of the borrower. You generally are not required by law to have the signatures witnessed or notarized. However, these two steps can add a layer of protection ? particularly if the two parties do not know and trust each other.

If a promissory note is not signed, it will be up to the court to determine the contract's enforceability based on all the facts and documents involved. A contract requires a knowing acceptance of the terms it contains. Acceptance is typically made by the parties signing the contract.

A promissory note cannot be valid unless it contains details about the nature of credit, the means to repay it along with the duration given for the repayment, the signatures of all parties, the conditions agreed in the sanction of the loan, the rate of interest and all related terms.

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California Promissory Note