Sample Living Wills States
If you are considering going into any kind of business that involves lending money or financing real property you are going to need a sample promissory note to use when you are preparing the paperwork that goes with any loan you make. While you will also have a contract for the loan and various other forms as required by various laws, the promissory note is probably the most legally binding document of the lot and if properly prepared can be used in a court of law to collect on the debt if the borrower should end up defaulting on their loan.
Despite all of the fancy loan documents many lenders use today, the promissory note is the oldest known legally binding contract for loans in existence. Records first indicate the use of these notes somewhere in the tenth century and with a few small tweaks remains the same basic form that was use over ten thousand years ago. The most basic notes simply state who loaned the money, who borrowed the money, how much they borrowed and when it is to be paid back by.
The only major additions in use today include adding contact information for both parties to the loan and then information specific to the loan. Generally speaking this information includes the interest rate being charged on the loan, specifics about the payments such as when they are due every month and who the payments should be made to. Once all of the basic terms of the loan are covered the next section is reserved for what actions will be taken by the lender if the borrow is late on or misses a payment.
This information should include not only the actions that will be taken, but also must explain who is going to end paying any expenses incurred during the attempt to collect on the debt. After all of this has been printed on the note there should be places to list any collateral that is being used to secure the loan and for signatures of the lender, the borrower and depending on what state your business is located in a place for a notary public to sign the note. Once all of these signatures have been affixed to the contract it becomes a legally binding contract and the loan can be made. If you have never created your own not you can download a sample promissory note from the Internet to use as a guide to make sure you do not omit any important information that can come back to haunt you at a later date.
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