ASAP Legal Forms
View Cart | 0 | Checkout
ASAP Legal Forms Company Information Legal Forms Legal Information Our CEO

ASAPLegalForms™ offers you easy to use legal forms, available for immediate download in Word format on your computer. Download your legal forms quickly, from the safety and comfort of your home. We offer various legal forms that you can use serve your legal needs. Download your legal forms quickly and safely. All of our legal forms are fully guaranteed.

Loan Agreements, Promissory Notes and Guarantees Forms By State

Select a State  

If you are lending or borrowing money, you need the protection offered by easy-to-understand legal documents. We offer a variety of different documents that protect your rights. All forms are formatted for easy editing.


Promissory Note: A promissory note is an unconditional promise to pay on demand or at a fixed or determined future time a specific sum of money.

Collateral Note (also known as “Secured Note”): These terms refer to a note that is secured by collateral. The term “collateral” refers the property that is subject to the note.

Demand Note: A demand note is a note payable on demand from the person who is owed the money.

Floating Note: A floating rate note (or adjustable rate note) is a note where interest is variable.

Recourse Note: A recourse note is a note where the default may result in loss of collateral and also personal suit and judgment. Most notes are recourse notes.

Renewal Note: A renewal note is a note that renews a previous note due date.

Secured Party: a secured party is the person or company that holds the security interest in the collateral. For example, an automobile dealer who sells someone a car on credit is the secured party, with the automobile being the collateral.

Termination Statement: Once the debt is paid in full, the secured party completes a termination statement which indicates that the secured party no longer claims a security interest in the collateral.

Unsecured Note: An unsecured note is a note that is not secured by any collateral but only the promise to pay.

Does a promissory note have to be recorded? Generally, a promissory note does not have to be recorded.

Who must sign a promissory note? All borrowers must sign. The lender is generally not required to sign but may sign.

When does default occur? The parties should define default in their agreement. Generally, a debtor defaults when he fails to make payments due or enters into bankruptcy proceedings. The parties can agree that other acts or omissions will constitute default, such as a failure by the debtor to maintain insurance on the property that constitutes collateral under the promissory note.

Home |  Contact Us |  Disclaimer |  Privacy Policy |  Resource Links |  Sitemap

© 2024 Asap Legal Forms- All Rights Reserved
80 Eighth Avenue, Suite 206, New York, New York 10011
Please note that ASAP Legal Forms, Inc. is not a law firm and does not act as your attorney. Our service is not a substitute for the advice of an attorney. Our legal forms are intended to assist you in representing your own interests in basic legal matters.