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.
Ann Arbor Michigan Promissory Note in Connection with Sale of Vehicle or Automobile
Category:
State:
Michigan
City:
Ann Arbor
Control #:
MI-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Michigan Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
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.
A promissory note can be used for different types of loans such as a mortgage, student loan, car loan, business loan or personal loan.
Even if you have the original note, it may be void if it was not written correctly. If the person you're trying to collect from didn't sign it ? and yes, this happens ? the note is void. It may also become void if it failed some other law, for example, if it was charging an illegally high rate of interest.
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.
A promissory note can become invalid if it excludes A) the total sum of money the borrower owes the lender (aka the amount of the note) or B) the number of payments due and the date each increment is due.
A promissory note is a promise to pay. So a bill of sale for an automobile with a promissory note is what you might expect from the (very long) name: A certification someone has bought, and promises to pay for, your car. In this case, likely in monthly installments.
Financial institutions such as banks and lenders often use promissory notes when issuing real estate mortgage loans or student loans. Companies or individuals also use promissory notes when issuing or taking on personal loans or corporate loans.
There is no legal requirement to have most Michigan promissory notes witnessed or notarized. However, a notary may be required for a promissory note related to a home loan. The borrower and any co-signer are required to sign and date the document for it to be executed.
Does a promissory note have to be notarized? A valid promissory note only needs the signatures of the participating parties involved in the agreement, not necessitating acknowledgment or being witnessed by a notary public to be legitimate.
A promissory note is a promise to pay. So a bill of sale for an automobile with a promissory note is what you might expect from the (very long) name: A certification someone has bought, and promises to pay for, your car. In this case, likely in monthly installments.
