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Promissory Note

A Promissory Note, often referred to as a Note, is a signed promise to pay a debt. The person making the promise (the borrower), makes an unconditional promise to pay the lender, or holder of the Note, a fixed sum of money over a fixed amount of time. In the event payment is not made, the lender has the ability to sue for non-payment, whereas the borrower has no right to counter sue. A party also cannot sue for punitive damages (damages above and beyond the amount specified in the Promissory Note) based upon the debt owed. Promissory Note is not a simple acknowledgement of debt; it is a legal promise to repay the debt. This Promissory Note is a promise to repay a specific sum, and has the option to include interest payments. This Note may also be secured by some item, such as a motor vehicle, piece of jewelry or other item of value.

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Community Reviews

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There is no place to add the lenders name. Also one of questions do you want a witness to sign the form.

— DeborahOlson

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Thank you for using LawSmart Deborah! I'm sorry that you had some issues while filling out our Promissory Note form. I checked and our Promissory Note does allow you to specify the name of a lender. We appreciate your feedback and I will add your suggestion to make the witness signature optional.

— Staff Writer

great

— nancytrickel

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I love this site and its great when your dealing with senstive matters and you need a back up for insurance thanks LawSmart

— kennyg1966

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The form is not a regular promissory note. This is something that looks like it was quickly typed up by some kid

— penelopie01

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Excellent!

— kenp

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A basic document, but it was fast, free and simple.

— jojack1223

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Great form, VERY easy to complete. THANKS!

— ydbllc

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useless

— dempseygain

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Great. Easy to use!

— christinaconway

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Very easy to use!

— echelle

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Form easy to fill out, but I cannot download the file. I did download the Adobe Reader. Please I need help with this. I tried writing it a second time. Cannot view or download either.

— kcotant5

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