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Virginia Promissory Note for Ship

Virginia Promissory Note for Ship

Name: Virginia Promissory Note for Ship
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.66 (207 reviews)

Category:

Virginia Court Samples - Loans and Lending - Sample Case 1

State:

Virginia

Control #:

VA-CC-038-01

Format:

Instant download

This form is available by subscription

Description

A01 Promissory Note for Ship

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FAQ

Although a promissory note is usually written on a computer and printed out or a pre-made form is filled out, a handwritten promissory note signed by both parties is legal and will stand up in court.

Promissory notes are one of the simplest ways to obtain financing for your company. They are often basic documents with few formalities.As such, a promissory note must contain the usual standard requirements for a contract, including consideration, meeting of the minds and capacity.

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.

Although a promissory note is usually written on a computer and printed out or a pre-made form is filled out, a handwritten promissory note signed by both parties is legal and will stand up in court.

However, it is still smart to contact a lawyer to help you prepare a personal promissory note, even if you already used an online template. A lawyer can prepare and/or review the note to ensure that all state law requirements are included. This will help with enforceability if there are any issues down the road.

A promissory note basically includes the name of both parties (lender and borrower), date of the loan, the amount, the date the loan will be repaid in full, frequency of loan payments, the interest rate charged on the loan payments, and any security agreement.

In order for a promissory note to be valid, both the lender and the borrower must sign the documentation. If you are a co-signer for the loan, you are required to sign the promissory note. Being a co-signer requires you to repay the loan amount in the instance that the borrower defaults on payment.

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.

Write the date of the writing of the promissory note at the top of the page. Write the amount of the note. Describe the note terms. Write the interest rate. State if the note is secured or unsecured. Include the names of both the lender and the borrower on the note, indicating which person is which.

Virginia Promissory Note for Ship

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