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

In order for a promissory note to be valid and legally binding, it needs to include specific information. "A promissory note should include details including the amount loaned, the repayment schedule and whether it is secured or unsecured," says Wheeler.

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Multistate Promissory Note - Secured

Philadelphia Pennsylvania Multistate Promissory Note - Secured

Name: Philadelphia Pennsylvania Multistate Promissory Note - Secured
Brand: US Legal Forms
Rating: 4.72 (349 reviews)

Category:

Promissory Notes - Secured

State:

Multi-State

County:

Philadelphia

Control #:

US-00601-A

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Description

This form is a secured Promissory Note. The borrower promises to make all payments on the loan, with interest, to the lender. The form also provides that the maker has the right to make full or partial prepayments without paying prepayment charges.

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FAQ

Unlike a deed of trust or mortgage, the promissory note is typically not recorded in the county land records (except in a few states like Florida). Instead, the lender holds on to this document until the amount borrowed is repaid.

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.

In order for a promissory note to be valid and legally binding, it needs to include specific information. "A promissory note should include details including the amount loaned, the repayment schedule and whether it is secured or unsecured," says Wheeler.

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.

A secured promissory note, as the name partially implies, is secured by some form of property (i.e. collateral), while an unsecured promissory note does not involve collateral. If the borrower defaults on a Secured Promissory Note, the lender gets to keep the collateral (the property that was used to secure the loan).

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.

Promissory notes are typically recorded as public documents and accessible shortly after the closing. The trustee maintains the original deed until the loan is satisfied.

Secured Promissory NotesA 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.

The Requirements of Promissory EstoppelThe promisee must have believed in the promise the promisor made and acted on that promise, which shows reasonable dependence on it. It would also need to be apparent that the promise is one that a rational person would normally trust in.

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Philadelphia Pennsylvania Multistate Promissory Note - Secured

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