What is promissory note payment?

A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date.

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Promissory Note Payable on a Specific Date

Nassau New York Promissory Note Payable on a Specific Date

Name: Nassau New York Promissory Note Payable on a Specific Date
Brand: US Legal Forms
Rating: 4.84 (437 reviews)

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Promissory Notes

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Multi-State

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Nassau

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US-0603BG

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A promissory note is a written promise to pay a debt. It is an unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to or to the order of a specified person or to the bearer.

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Lump Sum Payment Promissory Note: A note that must be paid in full (including all principal and interest) on a specific date. In other words, the payment will be in one lump sum. Maturity Date: The date on which a loan must be paid in full. This is sometimes called the due date.

While the statute of limitations on an action in an obligation, liability, or contract is four years, Commercial Code Section 3118(a) gives a statute of limitations of six years for an action to be enforced on the party to pay their promissory note. This time period starts from the due date that's listed on the note.

A promissory note typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer's signature.

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 is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date.

Date of issuance: The date of issuance on a promissory note states the date and time the note was issued and the loan begins. This also begins the time frame for repayment. Maturity date: The maturity date on a promissory note states the final due date by which the borrower needs to pay back the entirety of the loan.

Date of Repayment - The note must clearly state the date on which the repayment for the loaned amount must be paid. Rate of Interest - In case interest is being charged on the lent or borrowed amount, the note must mention the rate of interest which will be calculated on the basis of APR (annual percentage rate).

Two very important pieces of information found on a promissory note are the maturity date of the note and the interest rate applied to the note. The maturity date of the note is the date the loan is due and payment must be received.

Days of grace. Every promissory note or bill of exchange which is not expressed to be payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is expressed to be payable.

Short answer: A promissory note must be signed by the borrower. However, an undated but signed promissory note is valid and effective because the signature date is not an essential element of a promissory note.

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Nassau New York Promissory Note Payable on a Specific Date

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