A Promissory Note Texas is a note that is specifically meant for use within Texas. It operates just like every other loan promissory note; it remains to be a written commitment to pay a specified amount of money to a specified individual at a specified time. For example, as per Texas regulations on promissory notes, this type of note must be unequivocal and unconditional. This means it must be a commitment with no conditional repayment terms.
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The note must also abide by the Texas Usury Laws that only allows for reasonable interest rates, normally not exceeding 18%. The promissory note should not contain or include a non-monetary undertaking to the monetary repayment. For this reason, it must not include a commitment to perform some work if the debtor fails to pay. Download some example sample promissory notes to learn how to write the best note. If you have any DMCA issues on this post, please contact us!