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Kansas Secured Promissory Note with Monthly Installment Payments

Wichita Kansas Secured Promissory Note with Monthly Installment Payments

Name: Wichita Kansas Secured Promissory Note with Monthly Installment Payments
Brand: US Legal Forms
Rating: 4.77 (352 reviews)

Category:

Kansas Promissory Notes - Secured

State:

Kansas

City:

Wichita

Control #:

KS-0005

Format:

Instant download

Description

This promissory note is a contract for the repayment of a loan. Default, security, waiver of jury trial, and other standard clauses included. Three pages.

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FAQ

Some promissory notes require the payment of the full amount owed, plus interest, on a certain date. If the promissory note requires that periodic payments be made, such as quarterly, monthly, or even weekly, it is called an installment promissory note.

A secured promissory note is an obligation to pay that is secured by some type of property. This means that if the payor fails to pay, the payee can seize the designated property to obtain reimbursement of the loan.

Standalone promissory notes are typically shorter than loan agreements, and although standalone promissory notes may contain some of the same provisions, they typically impose fewer obligations on the borrower.

Generally, as long as the promissory note contains legally acceptable interest rates, the signatures of the two contracted parties, and are within the applicable Statute of Limitations, they can be upheld in a court of law.

Enforcing a secured promissory note is simply a matter of either repossessing the secured asset through your own efforts, or hiring a professional agency to accomplish the task on your behalf. These agencies will charge a set fee for their services, but they usually have a very high rate of success.

Promissory notes can also be used in the instant of paying for something in installments rather than all at once. Though this is similar to an installment loan, this payment promise is toward a purchase you promise to complete in increments, rather than a borrowed sum of money.

So, what's the difference between secured and unsecured promissory notes? It's actually quite simple. A secured note is any debt collateralized with real property like a first deed of trust or car title. Conversely, an unsecured note is any debt not secured by collateral (or uncollateralized).

An installment note is a form of promissory note calling for payment of both principal and interest in specified amounts, or specified minimum amounts, at specific time intervals. This periodic reduction of principal amortizes the loan.

A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.

Most commonly, a promissory note will be secured by the home you are purchasing, which also serves as collateral for the mortgage itself.

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Wichita Kansas Secured Promissory Note with Monthly Installment Payments

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FAQ

What is an installment promissory note?

Can a promissory note be secured?

Is a promissory note the same as a loan?

Will a promissory note stand up in court?

How do you enforce a secured promissory note?

Is a promissory note an installment loan?

How do I know if my promissory note is secured?

Is an installment note a promissory note?

What are the requirements for a promissory note to be valid?

Is a promissory note considered collateral?

Interesting Questions

What is a Secured Promissory Note?

What does 'secured' mean in a Secured Promissory Note?

What are Monthly Installment Payments?

How does the Secured Promissory Note with Monthly Installment Payments work?

What happens if I fail to make the Monthly Installment Payments?

Can I prepay the loan before the agreed-upon term?

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