Michigan Promissory Term Note

When a person or entity (“Lender”) loans money to another person or entity (“Borrower”), the loan is typically formalized with a promissory note. A promissory note will set forth, among other things, the repayment schedule, the interest rate, and defaults.

This particular Promissory Term Note requires the Borrower to pay off the entire principal amount of the note and remaining accrued interest (interest payments will be made yearly) on a specific date.

This form can be used in Michigan.

This package contains: ((1) Instructions & Checklist for Promissory Term Note; (2) Information for Promissory Term Note; and; (3) Promissory Term Note