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.
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.
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