Promissory Note – Form85R
A written promise by a person (“Debtor”) to pay a specific amount of money to another person or entity(“Creditor”), a specified amount of interest on the unpaid principal amount owed. A promissory note may contain other rights of the Creditor: order payment be made to another person, penalties for late payments, a provision for attorney’s fees and costs if there is a legal action to collect, the right to collect payment in full if the note is secured by real property and the property is sold (“due on sale” clause), and whether the note is secured by a mortgage or deed of trust or a financing statement (a UCC-1). The promissory note is usually held by the Creditor. There are legal limitations to the amount of interest which may be charged. When the amount due on the note, including interest and penalties (if any), is paid, the note must be cancelled and surrendered to the Debtor(s) who signed it. A promissory note does not require to be “Notarized”.
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