FREE PROMISSORY NOTE SAMPLE
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Amount $______________________ Date _____/_____/_____ FOR VALUE RECEIVED, I _____________________ (Maker's Full Name), residing at _______ _______________________________________ (Maker's Full Address) promise to pay to the order of ____________________________________ (Payee’s name or HOLDER) the sum of $__________________ together with interest thereon at the rate of ______% annually. The undersigned promises to make consecutive, monthly payments of $________________ commencing one month from date hereof and thereafter on the same day of each and every subsequent month until the amount is fully paid. This note may be prepaid at any time without notice, in whole or in part, and without incurring any penalty or bonus. All payments shall be applied firstly to payment of interest and the balance, if any, to principal. Payments due under this Note shall be made at the following address or as Payee or assigns may reasonably designate: ____________________________________________________. In the event of default in the payment of this note, and placed with a solicitor for collection, the undersigned agrees to pay costs of collection including all solicitor's and attorney's fees. A late charge of $_____________ Dollars will be collected if payments are not made within _____ days of their due date. Maker gives the following property as collateral security for the payment of this note: _________________________________________________________________ This note shall, at the option of any holder, be immediately due and payable upon the occurrence of the death, dissolution, insolvency or liquidation of the undersigned, or any endorser, guarantor or surety to this note. This note is to be governed by the laws of the State of _______________________ . Maker, intending to be legally bound, has signed this Promissory Note on this ______ day of _________________ , 20 ____. ___________________________________ Subscribed and sworn to before me on this _______ day of ________________ , 20_____. ___________________________________ |
Only one original of this document for each obligation of the borrower is necessary. If you lend money more than once to the same borrower you can either, destroy the first copy and make a new one with the additional lending amount added or keep the old promissory note and make another one clearly defining a separate obligation and amount.
Remember to keep the original copy of this free promissory note in a deposit box, home safe or another place you consider to be safe and secure.
The Borrower/Maker/Promisor can have a copy if he/she so desires. It is also a good idea for the Lender/Payee/Promisee to keep a copy in case the original is accidentally destroyed or goes missing.
Promissory notes, such as currency notes or bank notes, are negotiable instruments.
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