Santa Clara California Promissory Note - Balloon Note

Name: Santa Clara California Promissory Note - Balloon Note
Brand: US Legal Forms
Rating: 4.65 (290 reviews)

Category:

Promissory Notes - Balloon

State:

Multi-State

County:

Santa Clara

Control #:

US-00425BG

Format:

Instant download

Description

A Balloon Note is a Promissory Note that has one large payment (the balloon payment) that is due upon maturity. A balloon note will often have the advantage of a very low interest rate, thus requiring little capital outlay during the life of the loan. The major problem with such a loan is that the borrower needs to be self-disciplined in preparing for the large balloon payment due when the loan matures. Of course refinancing the note upon maturity is always a possibility.

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FAQ

When the borrower signs the promissory note, the lender records the written promise in a Notes Receivable account, which appears under Assets on the lender's balance sheet.

For the first journal entry, you would debit your cash account in the amount of the loan: $50,000, since your cash increases once the loan has been received. You will also credit notes payable to record the loan. There is always interest on notes payable, which needs to be recorded separately.

Assuming that no adjusting entries have been made to accrue interest revenue, the honored note is recorded by debiting cash for the amount the customer pays, crediting notes receivable for the principal value of the note, and crediting interest revenue for the interest earned.

Under the accrual method of accounting, both the borrower and the lender must report any accrued interest as of each balance sheet date. The maker/borrower of the note will report interest expense and interest payable. The creditor/lender will report the accrued interest as interest income and interest receivable.

A Promissory Note with Balloon Payments is a loan contract that enables a lender set loan terms with one or more larger payments at the end. This lending document helps you to clarify the terms of a loan, define the payment schedule, and provide an amortization table, if the loan includes interest.

Introduction: Under California law, if there is a lump sum payment due on a secured Note (balloon payment), the lender is required to provide a specified notice to the borrower ninety days prior to the date the payment is due. But such balloon payment can exist in both consumer and business loans.

You asked if other states have laws concerned with balloon payments made under an installment contract to purchase a motor vehicle.SUMMARY. We identified laws in seven other states concerned with balloon payments in installment contracts to purchase motor vehicles.CALIFORNIA.IOWA.ILLINOIS.MAINE.NEW HAMPSHIRE.TEXAS.

A balloon payment provision in a loan is not illegal per se. Federal and state legislatures have enacted various laws designed to protect consumers from being victimized by such a loan. The Federal TRUTH IN LENDING ACT (15U. S.C.A.

A California promissory note is a written document that may be legally binding once it is properly executed. The purpose of the document is to prove the existence of a loan that was provided to the borrower by the lender. California promissory notes are either secured or unsecured.

You record a document by sending the original to your county recorder's office along with the requisite recording fee and usually a postage paid envelope to facilitate the return the recorded document to you.

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Note: Balance available to invest does not include balance in the Lockbox. 070 applies to this district.B. Obtaining and Using Letters of Conservatorship . Intrafamily promissory notes can be an effective tool for transferring wealth to a family member in a taxefficient manner. That you should consider before investing in the Company's securities. Promissory Note Sinking Fund. Median moderate and low incomes compared to the median income for Santa Clara. A promissory note is a written commitment to pay someone. Note. A person who signs a promissory note along with the borrower.

Santa Clara California Promissory Note - Balloon Note

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Where does promissory note go on balance sheet?

What is the journal entry for a note payable?

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How do you account for a promissory note?

What is a balloon promissory note?

Are balloon payments legal in California?

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Are promissory notes legally binding in California?

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What is a Santa Clara Promissory Note - Balloon Note718152?

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