Is a promissory note legally binding?

A promissory note is a written agreement to pay someone essentially an IOU. But it's not something to be taken lightly. "It is a legally binding written document effectuating a promise to repay money," says Andrea Wheeler, a business attorney and owner of Wheeler Legal PLLC of Florida.

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Connecticut Promissory Note - Horse Equine Forms

Promissory Note

Name: Connecticut Promissory Note - Horse Equine Forms
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.55 (235 reviews)

Category:

Connecticut Promissory Notes - Horses

State:

Connecticut

Control #:

CT-14-06

Format:

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Description

This is a promissory note for use in connection with the sale and purchase of a horse where financing is involved. It is a simple interest note that may be used in conjunction with an Installment Purchase and Security Agreement.

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How to fill out Connecticut Promissory Note - Horse Equine Forms?

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FAQ

Banks hold the majority of mortgage notes but it is possible for individuals and companies to also buy and hold notes.Individual people do buy promissory notes but it is wise to go with an established company who has the experience, knowledge and funds to buy notes.

A Promissory Note will only be enforceable if it includes all the elements which are necessary to make it a legal document. To make a Promissory Note enforceable, I must contain the following information.Date of Repayment - The note must clearly state the date on which the repayment for the loaned amount must be paid.

The lender can then take the promissory note to a financial institution (usually a bank, albeit this could also be a private person, or another company), that will exchange the promissory note for cash; usually, the promissory note is cashed in for the amount established in the promissory note, less a small discount.

The debt owed on a promissory note either can be paid off, or the noteholder can forgive the debt even if it has not been fully paid.The value of the amount of debt forgiven may be deemed either taxable income, or a gift subject to the federal estate and gift tax.

Unlike a mortgage or deed of trust, the promissory note isn't recorded in the county land records. The lender holds the promissory note while the loan is outstanding. When the loan is paid off, the note is marked as "paid in full" and returned to the borrower.

Promissory notes are a valuable legal tool that any individual can use to legally bind another individual to an agreement for purchasing goods or borrowing money. A well-executed promissory note has the full effect of law behind it and is legally binding on both parties.

A promissory note is a written agreement to pay someone essentially an IOU. But it's not something to be taken lightly. "It is a legally binding written document effectuating a promise to repay money," says Andrea Wheeler, a business attorney and owner of Wheeler Legal PLLC of Florida.

Promissory notes are typically recorded as public documents and accessible shortly after the closing. The trustee maintains the original deed until the loan is satisfied. When the loan is paid off, the trustee automatically records a deed of reconveyance at the county recorder's office for safekeeping.

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.

Promissory Note

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Do banks buy promissory notes?

Is a promissory note valid in court?

What do banks do with promissory notes?

Can a promissory note be forgiven?

Are promissory notes recorded?

Do banks legally have to accept promissory notes?

Is a promissory note legally binding?

Are promissory notes public record?

Can I write my own promissory note?

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