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CONDITIONS UNDER WHICH YOU SHOULD EXECUTE A PROMISSORY NOTE
 
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.

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.
 

The price of this
Promissory Note
is $5.00.

 
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2001 Wills for America
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