A Promissory Note is a legal document that establishes a lawful relationship between two parties involved in lending and borrowing of asum of money. The note recognises the two as lender and borrower. It is used to enforce the debt with a written promise that it is liable to be paidby a given due date.
It has two types; secured and unsecured, that refer to the situation when some kind of asset security is written into the note for against the debt,while the latter has no such condition.
If you’re lending someone money, you can use this document template to draft the note and secure the transaction. The template contains the required legal framework verified by an attorney for authenticity.
You can download this state-specific template and insert the specifics to ready the draft. The template is easily editable so that you can make editions conveniently.