Promissory Note - On Demand

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Used when one person (Lender) lends money to another person (Borrower) and allows the Lender to ask for the money back at any time.

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A Promissory Note establishes the Borrower's obligation to repay a debt back with interest. This document sets forth the amount of the loan, terms of the loan, the interest rate, and the rights and obligations of the lender and borrower. It also states that the loan is payable immediately upon demand of the lender. This form also allows the borrower to repay the loan back at any time without a penalty.

This legal document also helps protect the seller against possible problems in the future.


Protect Yourself, Your Rights, and Your Property, with our up-to-date forms.

This lawyer prepared On Demand Promissory Note includes:
  1. Step by step Instructions & Checklist for On Demand Promissory Note;
  2. Information for Promissory Note On Demand; and
  3. Promissory Note On Demand
State Law Compliant: This form complies with the laws your state.
Number of Pages3
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#16479
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.














Promissory Note  On Demand











This Packet Includes:
1. Instructions and Checklist
2. General Information
3. Promissory Note  On Demand






Instructions and Checklist
Promissory Note  On Demand

   The Borrower must sign and date the Promissory Note

   Signature does normally not need to be witnessed or notarized.

   The Lender should keep the original Promissory Note containing the original signature of the Borrower. There should only be one original Promissory Note with the original signature.

   The Borrower should keep a copy of the Promissory Note.

   When the Borrowers obligation under the Promissory Note is satisfied (i.e. the Note is paid off), the Lender should write “Cancelled”, “Satisfied in Full” or “Paid in Full” on the front face of the original Promissory Note and should then sign and date it. The original Promissory Note should then be given back to the Borrower.

   Laws vary from time to time and from state to state. It may be a good idea to have a lawyer review the completed Promissory Note before the Borrower signs it.

   These forms are not intended and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used without consulting with an attorney first.

   The purchase and use of these forms, is subject to the Disclaimers and Terms of Use found at findlegalforms.com






General Information
Promissory Note  On Demand

A Promissory Note creates an obligation for a Borrower to repay a loan back to a Lender together with a certain amount of interest.

Whenever a person lends money to another person, it is generally a good idea to have some document memorializing the transaction. The document should indicate identify the parties, the amount borrowed, the time for repayment, the rate of interest, conditions of default and any other necessary terms.

Just like any contract, a Promissory Note can help the Lender enforce repayment terms and can be useful in any effort necessary to collect the amount lent.

There are different types of Promissory Notes and countless different ways to structure a Note. Some Promissory Notes require a payment of the amount borrowed (“Principal”) plus interest at once, while others require periodic payments of interest, followed by a lump sum payment of the amount borrowed.

This particular Promissory Note  On Demand requires payment of the principal and interest at any time the lender requests it (i.e. upon demand of the Lender).

Please note that this information is not intended as and is not a substitute for legal advice.







DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only an attorney can provide legal advice.  An attorney should be consulted for all serious legal matters.  No Attorney-Client relationship is created by use of these materials.  

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Promissory Note - On Demand

Amount $
Date


FOR VALUE RECEIVED, the undersigned, _______________________________ (Borrower), maintaining an address at _______________________________ (Borrower's Address) promises to pay to the order of ________________________________  (Lender), whose address is ______________________________________  (Lender's Address), the principal sum of $_____________ (Principal), together with interest of _____% (Interest Rate) per year thereon from the date herein.

The entire unpaid Principal and any accrued interest shall be immediately payable UPON DEMAND of any holder of this note.

All or any part of the Principal may be prepaid at any time and from time to time without penalty.  Payments shall be applied first to accrued interest and the balance to the Principal.  

In the event of any default by the Borrower in the payment of Principal or interest after demand is made, the unpaid balance of the Principal of this promissory note shall, at the option of the holder, become immediately due and payable. Any amount due at the time of default, shall accrue interest until payment at the rate of fifteen percent (15%) per year or the highest rate permitted by law, whichever is less.

Upon default in making payment within 7 days of demand, Borrower agrees to pay all reasonable legal fees and costs of collection to the extent permitted by law.

Borrower and all other persons who may become liable for the payment hereof severally waive demand, presentment, protest, notice of dishonor or nonpayment, notice of protest, and any and all lack of diligence or delays in collection, which may occur.

All payments hereunder shall be made to such address as may from time to time be designated by any holder and must be made in United States funds.

Borrower and all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be paid in full and waive demand, presentment and protest and all notices hereto. Borrower further agrees to remain bound by this note notwithstanding any extension, modification, waiver, or other indulgence, failure, discharge or release of any obligation hereunder.

The holders failure to exercise any right or option hereunder does not constitute a waiver of any future right or option.  

No modification to this document or indulgence by any holder hereof shall be binding unless in writing.

If any provision of this Note is deemed unenforceable, in whole or in part, for any reason, the remaining provisions shall still remain in full force and effect.

This note shall take effect as a sealed instrument and is made and executed under, and is in all respects governed by, the laws of: _____________________________ (State).


_________________________________
(Signature of Borrower)

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