The best way is to use a legal document program on the internet that is specifically for your state. See the link below for an example. There are also software programs sold in office supply stores, book stores and computer stores and paralegal forms places that will have a promissory note form. See the link below for an example of a web site that is in the US (we are not endorsing it).
The note is no longer valid because it is a personal promissory note. If you want to honor it, that is your decision.
If you forgive a promissory note you can write it off us income tax as a bad debt.
A personal promissory note ceases to be valid after the person has died. The law differs from state to state so it is best to check with the probate court or an estate attorney for details.
wording for promissory note with collateral
The easiest way to write a legally binding promissory note yourself is to use a pre-formated promissory note form from a credible legal forms database. All you have to do is fill in the form with the appropriate information. Each state has certain requirements, therefore each form is specifically made for each state.
No....a promissory note is not valid without a consideration.
A promissory note is to provide and record details of a loan. One should receive one if a personal loan, business loan or real estate transaction has taken place. A promissory note is legally binding and can be used in a court of law if the borrower does not pay. It is a more complicated version of an IOU.
Your not suppose to just write a promissory note, unless your an attorney whose familiar with the local laws and information required. Thanks to the internet, theirs now a whole industry of lawyers that just prepare legal forms, like promissory note forms, that meet our state's requirements. A good example of what I'm talking about is the website www.LegalFormsBank.Biz - you'll be able to download your state's compliant promissory note form then you can fill it out on your PC and then follow the instructions on how to file it.
A promissory note is a fancy legal name for a legally phrased I.O.U.
The amount written on the face of a promissory note is called face value or principal. The date on which the promissory note is written is called the issue date.
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
I have the promissory note to my house.