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Canada Legal .com™ Directory of Canadian Legal Resources |
Promissory Note
A Promissory Note is the legal name for a legal document people sometimes think of as an “IOU”. The promissory note is sometimes used in conjunction with a Loan Agreement where additional provisions are required for more detailed loan arrangements. In general a promissory note will address the following issues regarding a loan:
- the term of the loan (it can be for a specified fixed length of time or payable “on demand” whenever the lender demands repayment of the amount loaned to the borrower)
- the amount of the loan
- the interest payable
- any terms regarding the right to pre-pay the loan before the due date
- what happens if the borrower misses a payment or fails to pay when payment is demanded
To prepare and purchase a “Promissory Note” legal document, click this link: Promissory Note form
Promissory Note
A Promissory Note is an enforceable promise to pay back a loan or debt.
Other Canadian legal forms are also available at LawDepot.com, FindLegalForms.com, and MegaDox.com.
See also more: FormsHound.com, Canadian Legal Forms, and Legal Forms.
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