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  • Assignment of Promissory Note

Assignment of Promissory Note

An Assignment of a Promissory note is a bilateral document that transfers the rights and obligations associated with a promissory note from one party (the assignor) to another party (the assignee). Jotform Sign ’s Assignment of Promissory Note shows the date the document was created, assignor information, assignee details, start and end dates of the promissory note, total amount due, interest rate percentage, and chosen payment method.

You can easily make changes to this Assignment of Promissory Note using our intuitive online builder. No coding or design experience is required — just drag and drop to add or edit form fields, update the wording of the document, include additional signature fields, change fonts and colors, and more. You can also set up an automated signing order to ensure signatures are received in a timely manner and in the correct order. Once signed, you’ll automatically receive a finalized version of the document for your records.

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  • Sender name : The full name of the person sending the letter
  • Email: The email of the person sending the letter
  • Phone number : The contact phone number of the person sending the letter
  • Sender and recipient addresses : The full addresses of both the person sending the letter and the person receiving the letter
  • Greeting : A formal salutation to the person receiving the letter
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  • Signature and signoff : The signature of the person sending the letter, followed by an optional field for their printed name and the date of signing

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You can create a letter with Jotform in minutes using our ready-made templates. Navigate to Letter Templates in our PDF template directory, and select one that best suits your needs. Then, use our intuitive drag-and-drop builder to customize the letter design with elements of your personal branding, different fonts and colors, and so much more.

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Letters are one of the oldest and most effective means of written communication, and they are still used by just about every institution and industry today. As such, it’s useful to know how to use them effectively and efficiently.

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Legal Templates

Home Personal & Family Promissory Note

Promissory Note Template

Use our Promissory Note template to detail the terms of loan repayment.

promissory note template

Updated July 3, 2023 Reviewed by Susan Chai, Esq.

A Promissory Note records all the terms and conditions of a loan transaction between a borrower and a lender before any money changes hands.

Key Provisions

  • Parties : Full name, type (individual/entity), and addresses of the borrower and the lender.
  • Principal Amount : The total amount of money being loaned.
  • Payment Terms : When and how payments should be made.
  • Interest Rate : The rate of interest charged on the principal.
  • Borrower’s Signature : Essential for validity (lender’s signature is optional).

By Type (2)

What is a promissory note, when should i use a promissory note, how to write a promissory note, why use a promissory note, usury limits by state, promissory note sample, frequently asked questions.

  • Connecticut
  • District of Columbia
  • Massachusetts
  • Mississippi
  • New Hampshire
  • North Carolina
  • North Dakota
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • West Virginia

Secured Promissory Note Template

A document used to include collateral in a high-stakes loan.

Unsecured Promissory Note Template

A document used for quick loans with trustworthy borrowers.

What is promissory note

A promissory note is a written promise by a borrower to repay a loan to a lender according to predetermined terms and conditions.

Before the requested fund is provided, the lender and the borrower document terms that have been mutually agreed upon on a promissory note, such as the repayment schedule, interest rates, and collaterals.

After the note is signed, the borrower receives the amount promised by the lender and pays back the loan according to the terms. Eventually, the lender will release the borrower from the promissory note once the loan is completely paid off.

promissory note examples

Common scenarios in which you may use a promissory note can include:

  • Informal loans: lending money to friends or family members;
  • Real estate loans: providing private mortgage to a home buyer;
  • Business loans: financing a business for start-up or expansion;
  • Vehicle loans: funding for the purchase of a car, boat, or other motor vehicle

Promissory notes are typically used for less complex loans or when there is a prior acquaintance between the lender and the borrower. By using promissory notes, lenders ensure legal protection for themselves in the event of a borrower’s failure to return the borrowed money.

how to write a promissory note

Step 1: State the parties

Start by identifying both the borrower (the party receiving the loan) and the lender (the party who will be paid back).

The parties can be an individual or a business entity, such as a corporation or LLC. If either party to the promissory note is a business entity, a representative must sign on the entity’s behalf.

All lenders or borrowers should include their names on the note if there is more than one lender or borrower.

If the borrower’s financial stability is questionable, the lender may demand a cosigner with good credit as a safety net for the promissory note. By jointly signing the note, the cosigner undertakes to settle the loan if the borrower does not pay it back.

How should I verify a borrower's financial status?

It is recommended that you request your borrowers to supply their own credit reports for loans.

Borrowers can access these free yearly reports online , via websites , or through credit card company perks. Some online agencies also offer paid financial status checks.

Step 2: Outline repayment terms

Next, you should clearly outline the following details about the loan and how it will be paid back:

  • Principal amount: The total amount of money borrowed;
  • Payment schedule: If the borrower plans to pay in installments, in a lump sum, or on demand;
  • Collateral: If the borrower needs to guarantee the loan with their asset(s) and secure the note;
  • Late fee: Whether there will be an additional fee if the payment is not made on time;
  • Interest: If there will be any interest added to the loan and at what rate;
  • Acceleration: If the lender can ask for the whole loan to be paid back at once, regardless of the original payment plan;
  • Prepayment: If the borrower can pay back the loan early without any extra charges;
  • Consequence: What happens if the borrower cannot repay the loan.

When determining repayment terms, the lender should consider carefully the borrower’s financial condition and the risks associated with the loan.

For example, if your borrower has low credit, you may opt for a secured promissory note in case the borrower defaults. If your borrower expects a large sum of money in the future, one lump sum payment may be more appropriate than installment payments.

What kind of interest rate should I be charging?

Most states have laws that restrict the maximum interest rate you can charge. See our Usury Limits by State Table for complete interest rate information.

Determining the Payment Schedule

To help you make an informed decision, below is a glance at the pros and cons of the three typical payment schedules for promissory notes:

Lump Sum What it is: A one-time payment where the borrower pays the total amount at the end of the loan term. Suitable for: Individuals who anticipate having the total amount of the loan available by a specific date (i.e., from a tax refund, an inheritance, a bonus at work) Pros Quick, full payment No ongoing collection management Cons Higher default risk Lose potential interest income Due on Demand What it is: The lender can demand immediate payment at any time. Suitable for: Individuals or businesses lending to someone they trust deeply, like a close friend or family member, or in cases where the lender wants flexibility in requiring repayment. Pros Can request repayment at any time Useful when anticipating early repayment Cons Uncertain repayment timing Can strain borrower relationship Installments What it is: The loan is repaid in regular, set amounts over time. Suitable for: Most traditional loan scenarios, such as personal loans, auto loans, and home mortgages, where the borrower pays the loan over time in regular amounts. Pros Steady and predictable cash flow Potentially higher interest income Cons Extended default risk Requires ongoing collection management

Step 3: Consider additional terms

Before you complete the promissory note, consider including additional provisions to make your note more comprehensive, such as:

  • Amendment: How the note could be altered;
  • Governing law: Which state laws that will be applied for the note;
  • Joint and several liability: How all co-borrowers share responsibility for the repayment of the note, collectively and individually;
  • Right to transfer: If the lender has the right to transfer the promissory note to a different party and have them collect payment instead.

Should I make my promissory note transferable?

Promissory notes, as “negotiable instruments,” can substitute for money. If cash is needed urgently, you can sell the note, but consider the possible impact on your borrower relationship. Before making your note transferable, evaluate your goals and risks.

Step 4: Sign the note

Once the principal terms of the note are agreed upon, the borrower should sign the note. While it is optional, including the lender’s signature is also good practice.

Although not legally required, it is recommended to notarize the promissory note if the loan involves a significant amount of money or when the terms are complex or could potentially be disputed.

Only after the note is signed should money be exchanged. In addition, every party to the note should get a copy, and the lender should store the original securely.

What happens if I lose the original note?

A copy will suffice if the original is lost. If neither the original nor a copy is present, try and find other ways to prove the agreement (i.e., text exchange). The borrower could technically ghost when there is no proof that the loan happened.

Step 5: Enforce the note

Generally speaking, there are three potential outcomes once a promissory note is in effect:

  • Timely repayment

If the borrower repays the total amount per the note’s conditions, the lender should provide a loan release form to relieve the borrower of any further obligations related to the note.

  • Delayed repayment

In case of late payment, the lender is required to issue a demand letter requesting the payment and any applicable late fees. If the borrower still fails to make up for the payment, the lender must evaluate the financial viability of initiating legal action.

  • Non-repayment

If the borrower defaults on payment completely, the lender can pursue repayment (and collateral repossession, if applicable) via small claims court (a less expensive venue that doesn’t permit attorney representation, thereby eliminating attorney’s fees) for loans under the state limit . Litigation may be necessary if the loan amount exceeds the lender’s state limit.

Taking Legal Action

A comprehensive list of documents required when pursuing legal action for non-payment of a promissory note may include:

  • The note itself. The original agreement that indicates the borrower’s promise to pay and contains your signatures. A copy will suffice if the original is lost.
  • The demand letter. This serves as proof that you have formally demanded repayment.
  • Correspondence. Any emails, letters, or other communications with the borrower regarding the loan and repayment.
  • Other supporting documentation. This might include collateral agreements, personal guarantees, or other relevant contracts.
  • Specific small claims court forms (if applicable) . Depending on your location and the claim amount, you may need to fill out specific forms for small claims court.

It’s important to consider that litigation costs may exceed the recoverable amount . Furthermore, even if a judgment is in favor of the lender, recouping the funds can be challenging if the borrower lacks the financial means to settle the debt.

  • Legal recourse: It provides a lender with legal recourse if a borrower fails to repay the loan;
  • Evidence of debt: It acts as a record of the transaction that can be used for accounting and tax purposes;
  • Additional flexibility: Its transferability offers lenders an effective way to manage risk.

Tax benefits of promissory notes

The IRS permits annual tax-free money gifts of up to $17,000 per individual or $34,000 per couple, excluding direct payments for education or medical costs.

Upon reaching this limit, a family loan can be facilitated through a promissory note at IRS-specified low-interest rates , keeping the interest and principal within the family as a tax-efficient support mechanism.

Usury is the illegal practice of setting the interest rate on debt (including all extra charges like fees and discount points) higher than the maximum limit set by the relevant law or beyond what’s allowed in an exception to the law. Usury rates , consequently, refer to illegally high-interest rates that exceed that maximum limit .

Each state has different legislation on usury. Find the maximum interest rate you can charge legally in your state in the Usury Limits table below.

Refer to the free sample or download a customizable promissory note template below.

PROMISSORY NOTE

State of ___________

Amount: $________ [Principal amount]

Dated: ___________, 20___

FOR VALUE RECEIVED, the undersigned _____________________________ [Name of borrower(s)], (collectively “Borrower”), hereby promises to pay to the order of _____________________________ [Name of lender(s)], (collectively “Lender”), the principal sum of $________ (the “Principal Amount”) including interest in accordance with the terms set forth below.

1. Payment. The Principal Amount together with any accrued and unpaid interest and all other charges, costs and expenses, is due and payable on: (Check one)

☐ ___________, 20___. ☐ demand of the Lender.

All payments under this Note are applied first to any accrued interest and then to the Principal Amount.

2. Payment Schedule. (Check one)

☐ This Note shall be payable in installments equal to $________. The first payment is due on ___________, 20___ and due thereafter in equal consecutive installments every: (Check one)

☐ Month ☐ Quarter ☐ Year ☐ Other: ______________

☐ This Note shall NOT be payable in installments.

3. Security. (Check one)

☐ This is a secured note. Borrower agrees that until the Principal Amount of this Note together with any interest is paid in full, this Note will be secured by _________________________________ [Collateral], and Borrower hereby grants to Lender a security interest in and to such property.

☐ This is an unsecured note.

4. Interest. (Check one)

☐ The Principal Amount shall bear interest at the rate of $________ per annum, accruing daily. Notwithstanding, the total interest charged on the Principal Amount shall not exceed the maximum amount allowed by law and Borrower shall not be obligated to pay any interest in excess of such amount.

☐ The Principal Amount shall NOT bear interest.

5. Late Fee . (Check one)

☐ If Borrower fails to make a payment due under this Note within _____ days after the due date, Borrower agrees to pay to Lender a late payment fee of: (Check one)

☐ $________. ☐ ________% of the amount then due.

☐ A late payment fee will NOT be charged.

6. Acceleration. (Check one)

☐ In the event Borrower is more than _____ days late with a payment, Lender in its sole discretion may demand that the entire balance of the unpaid principal amount of this Note and any accrued and unpaid interest be immediately due and payable in full.

☐ This note will NOT be accelerated if a payment is late.

7. Prepayment. (Check one)

☐ Borrower has the right to prepay all or any part of the Principal Amount of this Note at any time without prepayment penalty or premium of any kind. Borrower must provide _____ days prior written notice to Lender of the prepayment and the amount of the prepayment. ( ☐ If Borrower pays all of the Principal Amount, together with any accrued interest, on or before ___________, 20___, Lender will give a discount of $________ of the outstanding Principal Amount due.)

☐ Borrower may NOT prepay the note.

8. Costs and Fees. Upon the occurrence of a default by Borrower, Borrower shall pay to Lender all costs of collection, including reasonable attorney’s fees.

9. Waiver. Borrower and all sureties, guarantors and endorsers hereof, waive presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of this Note.

10. Guaranty. ______________ located at __________, __________, __________ __________ (“Guarantor”) promises to unconditionally guarantee to Lender, the full payment and performance by Borrower of all duties and obligations arising under this Note. Guarantor agrees that this guaranty shall remain in full force and effect and be binding on Guarantor until this Note is satisfied.

11. Assignment. Borrower may not assign its rights or delegate its duties under this Note without Lender’s prior written consent.

12. Joint and Several Liability. The obligation of each Borrower under this Note shall be joint and several.

13. Amendment. This Note may be amended or modified only by a written agreement signed by Borrower and Lender.

14. Notifications. Any notice or communication under this Note must be in writing and either personally delivered, sent by overnight courier service, certified or registered mail, postage prepaid, return receipt requested or by facsimile or electronic email transmission.

15. Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of ____________.

16. Miscellaneous. This Note will inure to the benefit of and be binding on the respective successors and permitted assigns of Lender and Borrower. Lender shall not be deemed to have waived any provision of this Note or the exercise of any rights held under this Note unless such waiver is made expressly and in writing. Waiver by Lender of a breach or violation of any provision of this Note shall not constitute a waiver of any other subsequent breach or violation. In the event that any of the provisions of this Note are held to be invalid or unenforceable in whole or in part, the remaining provisions shall not be affected and shall continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Note.

IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first stated above.

Borrower Signature: ________________________

Borrower Full Name: ________________________

Guarantor Signature: ________________________

Guarantor Full Name: ________________________

Lender Signature: ________________________

Lender Full Name: ________________________

What makes a promissory note invalid?

A promissory note may be invalid if:

  • It lacks essential elements like the amount owed, the interest rate, and the repayment terms;
  • It was signed under duress (i.e., someone was threatened or forced to sign it);
  • It involves illegal activity (i.e., loan sharking or money laundering);
  • It’s forged or fraudulently altered.

Does a promissory note need to be recorded?

Typically, promissory notes are not recorded with the county and are retained by the lender. Only those notes involving real estate are typically recorded.

Can a promissory note be signed electronically?

Yes , a promissory note can be signed electronically. The validity of electronic signatures is recognized under the E-Sign Act.

However, it’s important to ensure that the process follows all relevant laws and standards in your jurisdiction.

How long is a promissory note valid?

A promissory note can last 3-15 years , depending on the jurisdiction. As it is essentially a legally binding contract, its statute of limitation is generally the same as that of other written contracts.

However, this period extends to 15-30 years for real estate-related notes.

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promissory note template

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Assignment of Promissory Note dated effective as of April 16, 2020

Exhibit 10.2

ASSIGNMENT OF PROMISSORY NOTE

THIS ASSIGNMENT OF PROMISSORY NOTE (this “ Assignment ”) is effective as of April 16, 2020, and is by and among RIVULET FILMS LLC, an Arizona limited liability company (“ Assignor ”), and RIVULET MEDIA, INC., a Delaware corporation (“ Assignee ” and together with Assignor, the “ Parties ”).

A.       Blue Scout Enterprises LLC, an Arizona limited liability company (“ Maker ”), executed that certain Promissory Note dated February 11, 2020 in the original principal amount of Five Hundred Fifty Thousand Dollars ($550,000.00) and payable to Assignor (the “ Note ”).

B.       Assignor desires to assign to Assignee, and Assignee desires to assume, all of Assignor’s rights and obligations under the Note, including the right to receive payment thereunder.

C.       Consent by Maker is not required to effect the assignment contemplated herein.

Now, therefore, the Parties agree as follows:

1.        Assignment and Assumption . Effective as of the date written above, Assignor hereby assigns, and Assignee hereby assumes, all of Assignor’s rights and obligations under the Note.

2.        Representations and Warranties . Assignor represents and warrants to Assignee that (a) concurrently with this Assignment, it will deliver to Assignee the original, executed Note, including any modifications and amendments thereto; (b) the Note is in full force and effect and that no Event of Default has occurred thereunder; and (c) it has not assigned the Note to any third parties.

3.        Further Assurances . The Parties will take such additional actions as each may reasonably request to effect, consummate, confirm, or evidence the assignment contemplated herein.

4.        Binding Effect; Parties . This Assignment shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.

5.        Governing Law . This Agreement is governed by the laws of the State of Arizona without regard to principles of conflicts of laws.

6.        Counterparts . This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement may be executed and delivered by facsimile or other electronic signature (including .pdf).

(Signature page follows)

IN WITNESS WHEREOF, the Parties have caused this Assignment Agreement to be duly executed as of date first above written.

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Can You Assign a Promissory Note

“Can you assign a promissory note?” is a request you need to make to someone who promises to pay you a certain amount of money at a later date. 3 min read updated on February 01, 2023

“Can you assign a promissory note?” is a request you need to make to someone who promises to pay you a certain amount of money at a later date. While it is not as formal as a contract, a promissory note is legally binding, meaning that the promisee is entitled to take legal action if the promisor fails to make the specified payment.

What Is a Promissory Note?

A promissory note refers to a written document stating that a certain amount of money will be paid to someone by a specified date. Generally, it is not necessary for the note to be recorded officially. The borrower is required to sign the note, but the lender may choose not to sign it. A promissory note is a legally binding note that is often used between parties who know each other personally, and it is totally customizable.

Using a Promissory Note to Pledge Collateral

Collateral refers to property pledged to ensure that a loan will be repaid. Take the following measures when collateral is pledged with a promissory note:

  • If you are the lender, make sure the borrower upholds the terms stated in the promissory note. Also, the interest specified in the note must be legal.
  • If you are the borrower, issue the promissory note to the institution or individual that needs it to obtain a loan for you. This should be done with an addendum stating the assignment of your rights or the completion of the assignment paperwork required by the lender.

Theoretically, a lender will only be willing to accept a promissory note as a form of collateral if you have satisfied at least part of the promise stated in the note. This means that you must have already paid back some money in accordance with the terms of your promissory note.

Using an Assignment of Deed of Trust

The purpose of a trust deed investment is to generate a greater return on your money on top of the amount you will otherwise receive from a certificate of deposit or savings account. If you are planning to make these types of investment, it is essential that you know how to use an assignment of deed of trust .

In California and many other states, the repayment of a promissory note is secured with a deed of trust against real property. Essentially, a trust deed investment involves the purchase of a promissory note, which is required to be secured by a deed of trust as part of the transaction.

When you obtain a loan to buy real estate, you will have to use a promissory note. The terms for repaying the loan, including the interest rate and monthly payment amount, will be stated in the promissory note. A deed of trust will be used to ensure that the promissory note will be repaid when it is recorded against the property purchased with the loan.

A lender may sell a promissory note. This usually happens between banks, but it can be done by any person who wishes to buy the promissory note as a form of investment. When a lender sells a promissory note, the deed of trust that secures the note will also be sold with it.

Difference Between Mortgage Assignment and Note Endorsement

When you are applying for a loan to purchase a home, the lender may require you to sign a promissory note and a mortgage or a deed of trust. In the event that your loan is sold to another party, these documents will be transferred to the new owner with an assignment and an endorsement. The new owner will have the right to receive payments and foreclose if you fail to make payments.

In casual conversations, people often use the word “mortgage” to refer to a home loan. A mortgage or a deed of trust is an essential document included as part of the process of securing a home loan. It is a form of security instrument. A promissory note , on the other hand, specifies the details and terms of the loan and obligates the borrower to repay the loan.

If you want to know whether or not you can assign a promissory note, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

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What Is a Promissory Note?

How promissory notes work.

  • What's Included

Types of Promissory Notes

Promissory note repayment, investing in promissory notes, a brief history of promissory notes, the bottom line.

  • Personal Finance

Promissory Note: What It Is, Different Types, and Pros and Cons

assignment of promissory note sample

A promissory note is a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date. A promissory note typically contains all the terms involved, such as the principal debt amount, interest rate, maturity date, payment schedule, the date and place of issuance, and the issuer's signature.

Key Takeaways

  • A promissory note is a financial instrument that contains a written and signed promise between two parties to repay a sum of money in exchange for a loan or other financing. 
  • A promissory note typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer's signature.
  • In terms of their legal enforceability, promissory notes lie somewhere between the informality of an IOU and the rigidity of a loan contract.

Investopedia / Tara Anand

Promissory notes can lie between an IOU's informality and a loan contract's rigidity. An IOU merely acknowledges a debt and the amount one party owes another. A promissory note includes a promise to pay on demand or at a specified future date, in addition to steps required for repayment (like the repayment schedule)

Although financial institutions may issue promissory notes—for instance, you might be required to sign one to take out a small personal loan —they also allow companies and individuals to get financing from a non-bank source. This source can be an individual or a company willing to carry the note (and provide the financing) under the agreed-upon terms. In effect, promissory notes can enable anyone to be a lender.

In its simplest form, a promissory note might be a written promise to repay a family member. State or federal securities entities may regulate more complicated promissory notes.

Typically, there are two parties to a promissory note: The promisor, also called the note's maker or issuer, promises to repay the amount borrowed. The promisee or payee is the person who gave the loan.

Secured vs. Unsecured Promissory Notes

A promissory note can be secured or unsecured. A secured promissory note describes the collateral—typically property—that secures the debt or amount borrowed. For example, if the borrower owns property, the lender can use the car as collateral until the debt is repaid. If the borrower doesn't repay the loan, the promissory note permits the lender to take possession of the property.

An unsecured promissory note doesn't involve collateral. In this case, if the borrower doesn't repay the loan, the lender can try to use standard debt-collection procedures.

In either case, the lender holds the promissory note until the debt is repaid. Typically, those drafting a promissory note will consult with an attorney to make sure the note follows any state or federal laws around loans or investments.

A promissory note is usually held by the party that's owed money; once the debt has been fully paid, the note must be canceled by the payee and returned to the issuer.

What's Included in a Promissory Note?

A promissory note should include all the details about a loan and the repayment terms. In addition to the names of the borrower and the lender, a promissory note may also include:

  • Name and address of borrower and lender
  • Maturity date
  • Sum borrowed
  • Payment schedule
  • Interest rate and how interest is calculated
  • Prepayments process
  • Overdue payment interest charged
  • Waivers, amendments, and governing law for the promissory note

In the United States, promissory notes are often used when getting a student loan, mortgage, or a loan from a friend or family member. Promissory notes are also sometimes issued to corporate clients.

Student Loan Promissory Notes

Many people sign their first promissory notes as part of getting a student loan . Private lenders typically require students to sign promissory notes for each loan taken out.

Some schools allow federal student loan borrowers to sign a one-time master promissory note, allowing receipt of multiple loans for up to 10 years if the school certifies the student's continued eligibility.

Student loan promissory notes outline the student borrower's rights and responsibilities and the loan's conditions and terms. By signing a master promissory note for federal student loans , the student promises to repay the loan amounts plus interest and fees to the U.S. Department of Education.

The master promissory note also includes the student's personal contact and employment information as well as the names and contact info for the student's references.

Mortgage Promissory Notes

Homeowners usually consider their mortgage an obligation to repay the money they borrowed to buy their residence. But actually, the signed mortgage promissory note represents a promise to repay the mortgage or loan, along with the repayment terms.

Typically, the promissory note includes:

  • Amount you owe
  • Mortgage loan's interest rate
  • Ways your interest rate can change, if you have an Adjustable Rate Mortgage (ARM)
  • Payment dates
  • Repayment length of time
  • Where you send payments
  • Consequences of not making monthly mortgage payments

The promissory note describes the debt's amount, interest rate, and late fees. A lender holds the promissory note until the mortgage loan is paid off. Unlike the mortgage or deed of trust , the promissory note is not entered into county land records.

Corporate Credit Promissory Notes

Promissory notes are commonly used in business as a means of short-term financing. For example, when a company sells products but hasn't yet collected payments, cash may run low, leaving the company unable to pay creditors. The company may ask creditors to accept a promissory note to be exchanged for cash after the company collects its accounts receivables .

Or the company may ask the bank for cash in exchange for a promissory note. Promissory notes offer companies a credit source after exhausting other options, like corporate loans or bond issues. A note issued by a company in this situation is at a higher risk of default than, say, a corporate bond. The corporate promissory note's interest rate will likely provide a greater return than a bond from the same company, as high risk means higher potential returns.

These notes must be registered with the government in the state where sold and with the Securities and Exchange Commission (SEC).

If the note is not registered, the investor has to analyze whether the company is capable of servicing the debt. Companies in dire straits may hire high- commission brokers to push unregistered promissory notes on the public. If the company defaults, the investors' legal avenues may be somewhat limited.

There are several different structures for repayment of a promissory note, but most involve repaying the principal plus interest. The interest rate can be fixed or variable and calculated daily, monthly, annually, or in another way. In some states, interest rates may be capped by state law. A certified accountant and attorney can advise you on the tax or legal implications of the promissory note's repayment schedule.

Here are various repayment approaches for a promissory note:

  • Installment note : The most familiar repayment approach is through installments, with the borrower making regular payments; the repayment schedule and interest payments can vary.
  • Simple note: For smaller loans, borrowers might arrange a lump-sum repayment on a specified date, meaning that's when you'll repay the whole amount listed in the promissory note.
  • Open-ended note : This promissory note allows you to draw on an operating or other loan over time and repay your draw plus interest by a specific date.
  • Demand note : Sometimes, a promissory note may specify "on demand" repayment, meaning that the note must be repaid at the lender's request at any time.

Company or corporate promissory notes are rarely sold to the public. When they are, it is usually at the behest of a struggling company working through unscrupulous brokers who are willing to sell promissory notes that the company may not be able to honor.

Alternatively, the promissory note may be part of a scam sold by life insurance agents or online or out-of-state investment advisors. Some sellers may know nothing about the investments' true origins—the promissory notes may be for companies that don't exist. Promissory notes promising "low risk, high yield" investments may lead to a type of fraud, according to the SEC.

Before investing in promissory notes, ensure all of the following are true:

  • The person selling the promissory notes is licensed to sell securities 
  • The company offering promissory notes is legitimate and can repay debts
  • Promissory notes are properly registered by the SEC, state securities regulator, or legally exempt from registration
  • If guaranteed or insured by a foreign insurance company, contact your state department of insurance to make sure the company can do business in the U.S.

Investing in promissory notes involves risk. These promissory notes are only offered to corporate or sophisticated investors who can handle the risks and have the money needed to buy a note. To help minimize these risks, an investor must register the promissory note or have it notarized so that the obligation is publicly recorded and legal.

Promissory notes have had an interesting history. At times, they have circulated as a form of alternate currency, free of government control. In some places, the official currency is a form of promissory note called a demand note (one with no stated maturity date or fixed term, allowing the lender to decide when to demand payment).

Promissory notes and bills of exchange are governed by the 1930 Geneva Convention of Uniform Law on Bills of Exchange and Promissory Notes. Its rules stipulate that the term "promissory note" should be inserted in the instrument's body and contain an unconditional promise to pay.

What Does a Promissory Note Contain?

A form of debt instrument, a promissory note represents a written promise on the part of the issuer to pay back another party. A promissory note will include the agreed-upon terms between the two parties, such as the maturity date, principal, interest, and issuer’s signature. Essentially, a promissory note allows entities other than financial institutions to provide lending services to other entities.

What Is an Example of a Promissory Note?

One example of a promissory note is a corporate credit promissory note. For this type of promissory note, a company will typically be seeking a short-term loan. In the case of a growing startup that is low on cash as it expands its operations, the terms of the agreement could state that the company pays back the loan once its accounts receivable are collected.

There are several other types of promissory notes, including investment promissory notes, take-back mortgages, and student loan promissory notes. 

What Are the Pros and Cons of a Promissory Note?

A promissory note can be advantageous when an entity is unable to secure a loan from a traditional lender, such as a bank. However, promissory notes can be risky, as the lender may not have the same means and scale of resources as traditional financial institutions. At the same time, legal issues could arise for both the issuer and payee in the event of default. Because of this, getting a promissory note notarized can be important.

A promissory note is a written promise by one party to make a payment of money at a date in the future. Although potentially issued by financial institutions, other organizations or individuals can use promissory notes to confirm the agreed terms of a loan. In short, a promissory note allows anyone to act as a lender. However, the average investor should be wary of and heavily research any sales pitches for promissory notes as an investment.

University of Vermont Extension. " Guide to Financing the Community Supported Farm ," Page 26 of PDF.

University of Vermont Extension. " Guide to Financing the Community Supported Farm ," Page 27 of PDF.

Stanford University. " Simple Promissory Note (Small Business) ."

Federal Student Aid. " Master Promissory Note (MPN) ."

CFPB. " Guide to Closing Forms ," Page 1 of PDF.

  • State of Connecticut Department of Banking. " Promissory Note Scams ."

Ohio State University Extension Farm Office. " Financing the Farm ," Page 3.

Ohio State University Extension Farm Office. " Financing the Farm ," Pages 2–3.

U.S. Securities and Exchange Commission. " Broken Promises: Promissory Note Fraud ."

Investor.gov. " Promissory Notes ."

United Nations Treaty Collection. " 10.Convention Providing a Uniform Law for Bills of Exchange and Promissory Notes ."

assignment of promissory note sample

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Assignment of Promissory Note with Acknowledgement of Assignment (CA)

This template is an assignment of a promissory note to a revocable inter vivos trust in California. It can also be used to notify a debtor that a settlor/lender wishes to assign a promissory note to the settlor's revocable trust and to obtain the debtor's acknowledgment and consent to the trust as substitute holder of the promissory note. This template contains practical guidance and drafting notes. For a full listing of key content related to estate plans for married or partnered people in California, see Estate Plan for Individual with Spouse or Partner Resource Kit (CA). For further information on trusts, see Characteristics and Uses of Trusts (CA) and Requirements and Restrictions on Trust Purposes and Administration (CA).

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Want to know about assignment of promissory note ! Once signed by the issuer, loan promissory notes act more or less as currencies do, especially in their immediate jurisdiction. The bearer can transfer all rights over the note to another person or institution. As long as the note is labeled as unconditional, all the terms and conditions applicable at the time of issue will also apply with the new owner.

assignment of promissory note sample

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Allonge To Promissory Note

Jump to section, what is an allonge to promissory note.

An allonge to promissory note is an actual sheet of paper or document firmly affixed to a promissory note or negotiable instrument that may contain additional endorsements. The written endorsements on the allonge are considered a part of the bill itself and are treated as such in loan proceedings.

An allonge to promissory note is different from an assignment. An assignment in this context is what gives a party the legal designation and right to move forward with legal action on a property, whereas an allonge is an endorsement that allows you to collect on the promissory note.

Common Sections in Allonge To Promissory Notes

Below is a list of common sections included in Allonge To Promissory Notes. These sections are linked to the below sample agreement for you to explore.

Allonge To Promissory Note Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.48 5 d330786dex1048.htm ALLONGE TO PROMISSORY NOTE , Viewed October 13, 2021, View Source on SEC .

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  1. Promissory note briefly explained #lawvideos #knowledgeispower #law #supportme

  2. Promissory note

  3. Promissory note in telugu| అప్పు తీసుకొనే వ్యక్తి ప్రామిసరి నోటు రాసేటప్పుడు ఈ తప్పులు చేయకూడదు

  4. What Is Promissory Note?

  5. how to write promissory note

  6. Promissory note in telugu| How to write promissory note| ప్రామిసరి నోటు ఎలా వ్రాయాలి

COMMENTS

  1. Exhibit 10.5 Assignment of Promissory Note

    A. Assignor is the owner of that certain Promissory Note in the original principal amount of $3,000,000.00, dated October 15, 2013, executed by INDUSTRIAL SERVICES OF AMERICA, INC., a Florida corporation, ("Maker") and currently held by Assignor (including all amendments, modifications, restatements, and proceeds thereof, the "Assigned Note"), a true and accurate copy of which is attached ...

  2. Assignment of Promissory Note

    Jotform Sign 's Assignment of Promissory Note shows the date the document was created, assignor information, assignee details, start and end dates of the promissory note, total amount due, interest rate percentage, and chosen payment method. You can easily make changes to this Assignment of Promissory Note using our intuitive online builder.

  3. PDF Assignment of Promissory Note

    Assignment of Promissory Note ... _____, his successors, assigns, and heirs, a certain promissory note, payable in the principal amount of $100,000_____ Dollars, executed by Harold Long ...

  4. Free Promissory Note Template

    How to Write a Promissory Note Why Use a Promissory Note? Usury Limits by State Promissory Note Sample Frequently Asked Questions By State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana

  5. Assignment of Promissory Note

    Assignment of Promissory Note - 8+ Free Word, Excel, PDF Format Download Working in a legal firm that generates legitimate documents for others can be quite difficult because a small mistake may ruin the entire business, firm, or concerned purpose of the customer.

  6. Free Promissory Note Templates (2)

    Updated February 01, 2024 A promissory note is a written promise made by a borrower to a lender to repay a specified sum of money. It is a legal document for a loan and becomes legally binding when signed by the borrower. Commonly Includes (5) The Parties - Full names and addresses of the borrower and lender.

  7. How To Write A Promissory Note: 8 Easy Steps To Follow

    Personal Loan Promissory Notes: A personal promissory note is used to record a loan between friends or family members. Car Promissory Note: A car promissory note is used during the sale or exchange of a car. It creates an agreement that the borrower will make payments to the lender in exchange for a car.

  8. Promissory Note: Templates & Samples

    Download as What is a Promissory Note In the world of finance and personal lending, the promissory note stands as a crucial, yet often misunderstood document. This legally binding agreement serves as a formal promise by one party to pay a specified sum of money to another.

  9. Promissory Note Assignment and Notice of Assignment

    Description Assignment Of Promissory Note. This form is a Promissory Note Assignment and Notice of Assignment. In this agreement, the holder conveys all of his/her rights in and to the promissory note to the assignee. Also, the form contains a section which notifies the maker of the note that an assignment has taken place and instructs the ...

  10. ASSIGNMENT OF NOTE

    1. Consideration for Purchase of Note. Concurrently with the execution hereof, Assignee hereby pays to Assignor the sum of $236,685.36 which represents the total amount, both principal and interest, owing under the Note. 2. Assignment.

  11. Assignment of Promissory Note dated effective as of April 16, 2020

    1. Assignment and Assumption. Effective as of the date written above, Assignor hereby assigns, and Assignee hereby assumes, all of Assignor's rights and obligations under the Note. 2. Representations and Warranties.

  12. Simple Assignment of Promissory Note

    Assignment Of Promissory Note Sample Related forms View Impeachment by Prior Conviction (Defendant's Testimony) View this form View Impeachment Prior Convition (Witness Other Than Defendant) View this form View Impeachment by Evidence of Untruthful Chartacter View this form View Accomplice - Co-Defendant - Plea Agreement View this form

  13. Can You Assign a Promissory Note

    A promissory note refers to a written document stating that a certain amount of money will be paid to someone by a specified date. Generally, it is not necessary for the note to be recorded officially. The borrower is required to sign the note, but the lender may choose not to sign it. A promissory note is a legally binding note that is often ...

  14. Promissory Note: What It Is, Different Types, and Pros and Cons

    Promissory Note: A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of ...

  15. Assignment of Promissory Note with Acknowledgement of Assignment

    This template is an assignment of a promissory note to a revocable inter vivos trust in California. It can also be used to notify a debtor that a settlor/lender wishes to assign a promissory note to the settlor's revocable trust and to obtain the debtor's acknowledgment and consent to the trust as substitute holder of the promissory note. This ...

  16. 8+ Assignment of Promissory Note

    8+ Assignment of Promissory Note - Free Sample, Example, Format Download! Want to know about assignment of promissory note! Once signed by the issuer, loan promissory notes act more or less as currencies do, especially in their immediate jurisdiction. The bearer can transfer all rights over the note to another person or institution.

  17. PDF Assignment of Promissory Note Without Recourse

    Assignment and Assumption Agreement . ... WHEREAS, on [DATE], the Borrower executed a certain promissory note (the " ... remaining debt under the Note and agree to pay the same to the Lender pursuant to the terms and conditions set forth in the Note. 2. The [OTHER PARTY] hereby consents to the assumption of the Note as aforesaid and ...

  18. PDF PROMISSORY NOTES

    paper, unless stated otherwise, promissory notes will be discussed in the context of having only one maker. 6 For ease of reference, the person who makes a promissory note is the "promisor", the person who endorses a promissory note is the "endorser", the person who holds a promissory note is the "bearer", and the person who is

  19. Assignment of Promissory Note Sample Clauses

    Assignment of Promissory Note Sample Clauses Clause: Assignment of Promissory Note Open Split View Download Cite Assignment of Promissory Note.

  20. Assignment of promissory note: Fill out & sign online

    01. Edit your assignment of note online. Type text, add images, blackout confidential details, add comments, highlights and more. 02. Sign it in a few clicks. Draw your signature, type it, upload its image, or use your mobile device as a signature pad. 03. Share your form with others.

  21. Allonge To Promissory Note: Definition & Sample

    An allonge to promissory note is an actual sheet of paper or document firmly affixed to a promissory note or negotiable instrument that may contain additional endorsements. The written endorsements on the allonge are considered a part of the bill itself and are treated as such in loan proceedings. An allonge to promissory note is different from ...

  22. Assignment of Promissory Notes Sample Clauses

    Sample 1 Assignment of Promissory Notes. Under the APN, B44 assigned the First Note for the consideration of $50,000. The Second Note was not assigned and remains outstanding. Sample 1 Assignment of Promissory Notes.

  23. Assignment of Promissory Note: Pre-built template

    at the bottom toolbar and simply draw your signature with a finger or stylus to eSign the sample. Sign in to your account or register it with a free trial, then add a file with a option on the bottom of you screen. Tap on the uploaded file and choose , then draw or type your name to eSign the template.