This form is a Promissory Note in connection with the sale of a vehicle where the Buyer is to pay a portion of the purchase price over time.
South Dakota Promissory Note in Connection with Sale of Vehicle or Automobile
Category:
State:
South Dakota
Control #:
SD-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out South Dakota Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
A vehicle promissory note is a legally binding document that functions as a written promise to pay someone for a car loan.
Debt Classification A promissory note is a type of written contract a lender uses for secured debts where the lender has collateral to seize in the event of default. It is more likely your car loan is a promissory note if you have a schedule of payments and a fixed interest rate spelled out on your loan document.
Alabama. Arkansas. Colorado. Connecticut. Hawaii. Idaho. Maine. Nebraska.
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.
No, a South Dakota bill of sale is not required to register a vehicle. However, South Dakota does provide a Bill of Sale (Form MV-16) for your personal use for motor vehicle sales. You should also complete a South Dakota Application for Motor Vehicle Title & Registration (Form-0864 V 21).
A promissory note is very similar to a loan. Each is a legally binding contract to unconditionally repay a specified amount within a defined time frame. However, a promissory note is generally less detailed and less rigid than a loan contract.
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. The full amount is due on that date, and there is no payment schedule involved.
Obtain a seller's permit, at no cost, from a county treasurer or online. Remove the current license plates when your vehicle is sold. Complete a Report the Sale. The removed plates may be transferred to a newly acquired vehicle once an application is made for the title at your County Treasurer's office.
