Wisconsin Sample Letter for Revised Promissory Note

• Category: Promissory Notes - Revisions
• State: Multi-State
• Control #: US-0427LTR
• Format: Word; Rich Text

Description

This form is a sample letter in Word format covering the subject matter of the title of the form. Dear [Name], I hope this letter finds you in good health. I am writing to inform you about the revised promissory note for our agreement. After careful consideration and to ensure clarity and mutual understanding, we have made some revisions to the original document. The revised promissory note serves as a legally binding agreement between the lender and borrower, outlining the terms and conditions of the loan. The State of Wisconsin holds certain regulations and guidelines that must be adhered to when drafting a promissory note. It is essential to ensure compliance with Wisconsin laws to protect the interests of both parties involved. This revised promissory note is tailored specifically to meet the Wisconsin state requirements and ensures a smooth financial transaction. Key provisions included in the Wisconsin Sample Letter for Revised Promissory Note may encompass: 1. Parties involved: Clearly identify the lender (the individual or institution providing the loan) and the borrower (the individual or institution receiving the loan). Include their legal names, addresses, and contact details. 2. Loan amount and interest: State the exact principal loan amount provided and the interest rate to be applied to the borrowed sum. Ensure you comply with Wisconsin's usury laws, which currently prohibit an interest rate exceeding 18%. 3. Repayment terms: Specify the repayment terms, including the repayment schedule, due dates, and the method of payment (e.g., checks, bank transfer, etc.). If late payment or default occurs, outline the penalties or fees that may be incurred. 4. Collateral or security: If applicable, describe any collateral or security provided by the borrower to secure the loan. Include a detailed description of the collateral, its value, and the rights of the lender in case of default or non-payment. 5. Governing law: Explicitly state that the laws of Wisconsin govern the promissory note. This clause ensures that any disputes or legal matters related to the loan agreement will be resolved in accordance with Wisconsin regulations. It is important to note that while this sample letter provides a general template for a revised promissory note, specific circumstances may require additional provisions or modifications. Seek legal counsel or consult with a professional to tailor the document according to your unique situation. In conclusion, the Wisconsin Sample Letter for Revised Promissory Note is a legally enforceable agreement that facilitates financial transactions while complying with the state laws of Wisconsin. By addressing the necessary elements mentioned above and customizing the document as per your requirements, you will ensure a fair and transparent loan agreement for both parties involved. Thank you for your attention to this matter. Please review the enclosed revised promissory note and contact us with any questions or concerns. Sincerely, [Your Name]

Dear [Name], I hope this letter finds you in good health. I am writing to inform you about the revised promissory note for our agreement. After careful consideration and to ensure clarity and mutual understanding, we have made some revisions to the original document. The revised promissory note serves as a legally binding agreement between the lender and borrower, outlining the terms and conditions of the loan. The State of Wisconsin holds certain regulations and guidelines that must be adhered to when drafting a promissory note. It is essential to ensure compliance with Wisconsin laws to protect the interests of both parties involved. This revised promissory note is tailored specifically to meet the Wisconsin state requirements and ensures a smooth financial transaction. Key provisions included in the Wisconsin Sample Letter for Revised Promissory Note may encompass: 1. Parties involved: Clearly identify the lender (the individual or institution providing the loan) and the borrower (the individual or institution receiving the loan). Include their legal names, addresses, and contact details. 2. Loan amount and interest: State the exact principal loan amount provided and the interest rate to be applied to the borrowed sum. Ensure you comply with Wisconsin's usury laws, which currently prohibit an interest rate exceeding 18%. 3. Repayment terms: Specify the repayment terms, including the repayment schedule, due dates, and the method of payment (e.g., checks, bank transfer, etc.). If late payment or default occurs, outline the penalties or fees that may be incurred. 4. Collateral or security: If applicable, describe any collateral or security provided by the borrower to secure the loan. Include a detailed description of the collateral, its value, and the rights of the lender in case of default or non-payment. 5. Governing law: Explicitly state that the laws of Wisconsin govern the promissory note. This clause ensures that any disputes or legal matters related to the loan agreement will be resolved in accordance with Wisconsin regulations. It is important to note that while this sample letter provides a general template for a revised promissory note, specific circumstances may require additional provisions or modifications. Seek legal counsel or consult with a professional to tailor the document according to your unique situation. In conclusion, the Wisconsin Sample Letter for Revised Promissory Note is a legally enforceable agreement that facilitates financial transactions while complying with the state laws of Wisconsin. By addressing the necessary elements mentioned above and customizing the document as per your requirements, you will ensure a fair and transparent loan agreement for both parties involved. Thank you for your attention to this matter. Please review the enclosed revised promissory note and contact us with any questions or concerns. Sincerely, [Your Name]