Outline
The Indiana Promissory Note form serves as a vital financial document, facilitating the borrowing and lending of money between individuals or entities. This legally binding agreement outlines the borrower's promise to repay a specified amount of money to the lender, including details such as the interest rate, repayment schedule, and any applicable fees. Clarity is crucial; therefore, the form requires both parties to provide their names, addresses, and signatures, ensuring that all terms are mutually understood. Additionally, it may specify collateral, providing the lender with security in case of default. The form is not only essential for personal loans but also for business transactions, making it a versatile tool in various financial dealings. Understanding the components of the Indiana Promissory Note is key to ensuring that both borrowers and lenders protect their interests and maintain a clear record of the loan agreement.
Form Sample
Indiana Promissory Note
This Promissory Note (the "Note") is made and entered into on this ___ day of ____________, 20__, by and between the Borrower and the Lender identified below, pursuant to the laws of the State of Indiana, including but not limited to the Indiana Uniform Commercial Code.
Borrower Information:
Name: ____________________________________________
Address: __________________________________________
City, State, Zip: _________________________________
Phone Number: _____________________________________
Email Address: ____________________________________
Lender Information:
Name: ____________________________________________
Address: __________________________________________
City, State, Zip: _________________________________
Phone Number: _____________________________________
Email Address: ____________________________________
Loan Information:
Principal Amount: $________________________________
Interest Rate (%): __________________________________
Loan Date: ________________________________________
Maturity Date: _____________________________________
Repayment Terms: The Borrower agrees to repay the principal amount and any accrued interest to the Lender, in accordance with the following schedule:
- Initial Payment Due Date: __________________________
- Payment Frequency: ________________________________
- Number of Payments: _______________________________
- Amount of Each Payment: $___________________________
Security (if applicable): This Note ☐ is ☐ is not secured by collateral. If secured, describe the collateral below:
Description of Collateral: ____________________________
Governing Law: This Note shall be governed by, and construed in accordance with, the laws of the State of Indiana.
Signature:
By signing below, the Borrower and the Lender agree to the terms of this Promissory Note.
Borrower's Signature: _______________________________ Date: ____________
Lender's Signature: ________________________________ Date: ____________
Document Details
| Fact Name | Description |
|---|---|
| Definition | An Indiana Promissory Note is a written promise to pay a specific amount of money to a designated person or entity. |
| Governing Law | The Indiana Uniform Commercial Code (UCC) governs promissory notes in Indiana. |
| Parties Involved | The note involves two parties: the maker (borrower) and the payee (lender). |
| Interest Rate | Interest can be fixed or variable, and it should be clearly stated in the note. |
| Payment Terms | Payment terms, including due dates and payment frequency, must be outlined in the note. |
| Secured vs. Unsecured | A promissory note can be secured by collateral or unsecured, depending on the agreement. |
| Enforceability | For a promissory note to be enforceable, it must be signed by the maker. |
| Default Consequences | In case of default, the payee may have the right to take legal action to recover the owed amount. |
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