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Cumberland University Third-Party Promissory Note Student Name (Print) Student ID Number Street Phone City, State Zip I hereby enroll at Cumberland University for hours during semester. I understand

How to fill out 3rd party promissory note

How to fill out a 3rd party promissory note:

1. Begin by obtaining a blank promissory note form specifically designed for third party transactions. These forms can be found online or at office supply stores.
2. Fill in the date at the top of the document. This is the date on which the promissory note is being executed.
3. Identify the parties involved. The borrower, who is responsible for repaying the loan, should be identified by providing their full legal name and contact information. The lender, who is providing the loan, should also be identified in the same manner.
4. Include the third party's information. This is the person or entity who will serve as the holder or recipient of the payments. Include their full legal name and contact information as well.
5. Define the terms of the loan. Specify the amount of the loan, the interest rate (if applicable), and the repayment schedule. This can be done by indicating a specific date by which the loan must be repaid in full or by specifying a monthly payment amount and duration.
6. Detail any collateral or security interests. If the loan is secured by assets, such as a car or property, include a description of the collateral and its value.
7. Include any additional terms or conditions. If there are any additional provisions or agreements related to the loan, such as late payment penalties or early repayment options, include them in this section.
8. Both the borrower and the lender should sign and date the promissory note to indicate their agreement to its terms.
9. It is recommended to have the promissory note notarized, especially when dealing with significant loan amounts or when required by law.
10. Make copies of the fully executed promissory note for all parties involved, ensuring that each party retains a copy for their records.

Who needs a 3rd party promissory note?

1. Individuals who are lending money to someone else and wish to have a third party serve as the recipient of the loan payments.
2. Businesses or organizations that are providing loans or financing to customers and want to involve a third party to handle the payment collection process.
3. Anyone who wants additional security or assurance that loan payments will be made to a designated third party rather than directly to the lender.

Remember, it is always advisable to consult with a legal professional or financial advisor to ensure the promissory note complies with applicable laws and meets the specific needs of the parties involved.

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