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A promissory note also referred to as a note agreement, is a legal instrument (more precisely, a funding instrument and a debt instrument) in which one of the parties (the manufacturer or issuer) undertakes, in writing, to pay the other party (the payee) a certain amount of money, either at a fixed or determinable future period or at the request of the payee, on special terms.
The terms of a note generally include the principal sum, the interest rate, the parties, the date, the terms of repayment (which may include interest), and the maturity date, if any. Often, in the case of a default, clauses are provided for the privileges of the payee, which may include foreclosure of the properties of the creator. Promissory notes under CPLR 5001 allow borrowers to recover prejudgement interest from the date interest is due before liability is formed in foreclosures and contract breaches. For loans between persons, drafting and signing a promissory note is also instrumental in tax and record keeping. Usually, a promissory note alone is unsecured. Promissory notes of demand are notes that do not have a fixed maturity date but are due at the lender's request. The lender will typically only send a few days' notices to the borrower before the payment is due. Promissory notes in conjunction with protection arrangements can be used.
Draft your own note agreements with our note agreement templates. Download from a collection of sample blank printable templates designed just for your needs.