Get the free Non-Negotiable Promissory Note - docs marylhurst

This document is a non-negotiable promissory note wherein the Maker agrees to pay a specified principal sum to Marylhurst University, with terms outlining payment methods, interest rates, and conditions

How to fill out non-negotiable promissory note

How to fill out Non-Negotiable Promissory Note

1. Title the document as 'Non-Negotiable Promissory Note'.
2. Include the date of issuance at the top.
3. Identify the borrower (the person or entity promising to pay) by full name and address.
4. Identify the lender (the person or entity loaning the money) by full name and address.
5. State the principal amount borrowed (the amount of money being loaned).
6. Specify the interest rate (if any) on the principal amount.
7. Detail the repayment schedule (e.g., monthly, quarterly) and due dates.
8. Include any late fees or penalties for missed payments.
9. Outline any collateral if applicable, specifying what is secured by the note.
10. Provide a space for signatures of both the borrower and lender, and include the date of signing.

Who needs Non-Negotiable Promissory Note?

1. Individuals or businesses borrowing money from lenders.
2. Lenders who want a formalized document for the loan agreement.
3. Investors concerned about repayment terms.
4. Parties involved in a loan transaction requiring legal documentation.

People Also Ask about

Can a promissory note be non-negotiable?

Promissory notes are a common type of financial instrument in loan transactions. As the payer of such a note, it's important to know that, unless a note expressly stipulates that it is not negotiable, promissory notes are negotiable instruments that can be transferred or assigned by the original payee to a third party.

How legally binding is a promissory note?

Yes, a properly executed promissory note is legally binding. As long as the note contains all necessary elements, is signed by the involved parties, and complies with applicable laws, it's enforceable in court if the borrower defaults or fails to meet their obligations.

What is unsecured promissory note language?

Unsecured Demand Promissory Note Template | . For value received, the undersigned (the "Borrower") promises to pay to the order of (the "Holder"), in the manner and at the place provided below, the principal sum of on demand, but in any event no later than . 1. PAYMENT.

How do you fill out a promissory note in English?

A comprehensive promissory note typically includes: Names and contact information of the parties involved. Loan amount. Repayment terms. Interest rate (if applicable) Consequences of default (in case payments are missed) Governing law. Signatures of the borrower and lender.

Can a promissory note not be a negotiable instrument?

To be negotiable, a promissory note must meet strict criteria outlined by the Uniform Commercial Code (UCC), including a fixed amount, specified payment date, and no extra contractual obligations beyond the payment promise.

What makes a promissory note non-negotiable?

Non-negotiable promissory notes lack one or more of the UCC's criteria for negotiability. These notes cannot be easily transferred or enforced by new holders, limiting their flexibility. Non-negotiable notes are often used in private loans or agreements where the transferability of the note is not a concern.

What makes a promissory note invalid?

A promissory note could become invalid if: It isn't signed by both parties. The note violates laws. One party tries to change the terms of the agreement without notifying the other party.

Can a promissory note not be a negotiable instrument?

To be negotiable, a promissory note must meet strict criteria outlined by the Uniform Commercial Code (UCC), including a fixed amount, specified payment date, and no extra contractual obligations beyond the payment promise.

For pdfFiller’s FAQs

What is Non-Negotiable Promissory Note?

A Non-Negotiable Promissory Note is a financial document that outlines an agreement between a lender and a borrower for a loan, stating the borrower's promise to repay a specific amount of money, which is not transferable to others.

Who is required to file Non-Negotiable Promissory Note?

Typically, individuals or entities entering into a loan agreement where the terms must be documented and the loan is not intended to be sold or transferred to another lender are required to file a Non-Negotiable Promissory Note.

How to fill out Non-Negotiable Promissory Note?

To fill out a Non-Negotiable Promissory Note, include the names of the lender and borrower, the loan amount, interest rate, repayment schedule, due dates, and any terms regarding default or penalties. Signatures of both parties are also necessary.

What is the purpose of Non-Negotiable Promissory Note?

The purpose of a Non-Negotiable Promissory Note is to provide a legally binding agreement that details the loan terms, ensuring clarity for both the lender and borrower about the obligations and rights related to the loan.

What information must be reported on Non-Negotiable Promissory Note?

The information that must be reported on a Non-Negotiable Promissory Note includes the names and addresses of the parties involved, the principal loan amount, interest rate, payment schedule, maturity date, and any applicable terms and conditions.