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UTAH PROMISSORY NOTE Pursuant to UT ST 1511FOR VALUE RECEIVED, (Borrower) promises to pay to (Lender) Dollars ($) in principle, plus interest at a rate of % annually on the unpaid balance as set forth
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How to fill out utah secured promissory note
How to fill out utah secured promissory note
01
To fill out a Utah secured promissory note, follow these steps:
02
Write the date on the top of the document.
03
Include the legal names and addresses of both the borrower and lender.
04
Specify the principal amount of the loan and the interest rate.
05
State the repayment terms such as the duration of the loan and the frequency of payments.
06
Describe any collateral that is being used to secure the loan.
07
Include any additional terms and conditions, such as late payment penalties or default clauses.
08
Both the borrower and lender should sign and date the promissory note.
09
Consider having the document notarized for added legal protection.
10
Keep a copy of the filled-out promissory note for both parties' records.
Who needs utah secured promissory note?
01
Utah secured promissory notes are often needed by individuals or businesses that are lending money to someone else. It provides legal documentation of the loan agreement and protects the lender's interests in case of non-payment or default. Both borrowers and lenders can benefit from having a secured promissory note in place.
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