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CONDITIONS UNDER WHICH YOU SHOULD EXECUTE A PROMISSORY NOTE
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Promissory notes are used to evidence loans of money as well as
money owed where goods are sold.
A promissory note can sometimes be the only evidence of a debt
where one of the parties dies before payment since most states
have "dead man statutes" which precludes oral testimony from the
surviving party to the transaction as to the nature and status of
the debt.
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INFORMATION ABOUT THIS
PROMISSORY NOTE
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When you fill in this note, you may
specify the rate of interest to be charged or enter zero if no
interest is agreed upon. You may also elect how and when payment
is to be made, whether in installments or one lump payment. If you
need to compute the monthly payment amount, including interest,
use the calculator below.
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This note provides for the timely
payment of all installments and if any payment is not so made you
may declare the entire note due and payable, commonly called
"acceleration clauses". Interest on the default amount accrues at
the rate of ten percent per annum until paid.
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Attorney fees are accessed on the
unpaid amount in the event of default at the rate of an additional
ten percent.
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Each maker, surety and endorser
waives all demand, notice and presentment of payment.
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At the end of each note you may add
any additional provisions you like.
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The price of this
Promissory Note
is $5.00.
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Monthly Payment Calculator
Fill in the number of payments,
interest rate and principal and hit compute. |
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No of
Payments
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Interest
Rate
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Principal
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Monthly
Payment
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©2001 Wills
for America
All rights reserved |
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