Promissory note template texas free

Promissory note template texas free DEFAULT

How to Write

The Texas Secured Promissory Note Template is available for download via the links on this page (in two forms – .PDF or Word). The template can only be used to draft a secured note, not an unsecured one. The main difference between the two types of notes is that secured promissory notes have the backing of the borrower’s assets (i.e. security). In order for the document to be enforceable in court, it must be properly drafted (as well as signed by the borrower, lender, and witnesses).

Step 1 – Download the template.

Step 2 – Submit the following information into the corresponding input fields within the first paragraph of the note:

  • Date of agreement
  • Names of lender/borrower
  • Addresses of lender/borrower
  • Principal sum
  • Interest percentage (per annum)

Step 3 – Payments – The “Payments” subsection is required to have the following information:

  • Method of payment (check the applicable box).
  • Installment amount (if required).
  • Monthly/weekly due date (if applicable).

Step 4 – Due Date:

  • Submit the due date of the full balance of the note (including any fees, interest, etc.).

Step 5 – Interest Due in Event of Default:

  • Fill what the interest rate will be if the borrower defaults on the loan.

Step 6 – Late Fees:

  • Submit the number of days that the borrower will have to make a past-due payment on the note. If the borrower fails to make a payment within the allotted period of time, they will be charged a late fee (submit the amount they will be charged).

Step 7 – Acceleration:

  • This subsection is required to detail the period of time (after defaulting on the loan) that the borrower will have to cure the default. If the borrower fails to cure the default, the lender can declare the full balance of the note due immediately.

Step 8 – Security – The note must contain a description of the security.

Step 9 – Signatures:

  • Enter the date.
  • Fill in the names of ALL involved parties.
  • ALL parties must sign the note.
Sours: https://promissorynotes.org/tx/texas-secured-promissory-note-template/

Texas Promissory Note Templates

The Texas promissory note templates are designed to be used as a starting point when drafting secured on unsecured notes. Although both types of notes serve the same purpose (of outlining the terms of a loan), they differ in the fact that secured notes require some form of collateral (from the borrower). Go to the “Secured” or “Unsecured” pages (linked to below) to learn the requirements of a properly drafted promissory note. Or you can simply download the template via the links on this page to start drafting your note.

Usury Rate – Under §302.002, the maximum interest rate that can be charged in the State of Texas (absent of a signed contract) is six percent (6%) per annum. There are however numerous exceptions to this law, go to this page for more information.



Texas Secured Promissory Note Template

Texas Secured Promissory Note Template

The Texas Secured Promissory Note Template is available for download via the links on this page (in two forms – .PDF or Word). The template can only be used to draft a secured note, not an unsecured one. The main difference between the two types of notes is that secured promissory notes have the backing of […]

Texas Unsecured Promissory Note Template

Texas Unsecured Promissory Note Template

Use the instructions on this page to learn how to complete the Texas Unsecured Promissory Note Template. The template is intended to be used in order to quickly and easily draft an unsecured promissory note. The guide posted below details the various requirements of a promissory note. Use it as a reference when drafting your […]

Sours: https://promissorynotes.org/tx/
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Texas Promissory Note Template

Texas Usury Laws

The laws and provisions covering usury in Texas are included in the Finance Code (Texas Statutes). Title 4 regulates the interest, loans, and financed transactions in Texas.

According to Chapter 302 (Subtitle A of Title 4), the interest rate should not exceed 10% (however, there might be exceptions by law).

Popular Local Promissory Note Forms

A promissory note (sometimes referred to as just note) is considered a common monetary document used regularly by both individuals and companies around all states as a funding source and a substitute for banking institutions. Learn about the most common states requested by our users in terms of promissory note templates.


Filling Out the Texas Promissory Note

If you need to complete the Texas promissory note template, read our instructions explaining how to create this document step by step.

Download the Template of the Texas Promissory Note

First of all, download the correct template of the Texas promissory note. You may use our form-building software to get the file quickly.

Add the Names of the Parties

The promissory note form in Texas begins with the names of the lender and the borrower. Write them here.
Parties names section of Texas promissory note document

Write the Borrowed Amount with the Interest Rate

Then, write how much money was borrowed and state the interest rate per anum applicable to the situation.
Borrowed sum and interest rate indication part of promissory note for Texas

State the Term of Payment

Indicate the period in which the borrower has to cover the debt: for example, “two months,” “three years,” and so on.
Payment term specification section of Texas promissory note form

Complete the “Payable on Demand” Section

Insert the date when the sum might become payable on demand. Add the terms in which the borrower has to cover the debt after receiving the “payable on demand” notice from the lender.
Payable on demand section of Texas promissory note document

Read the Statements

The note includes statements revealing the conditions of the lending (borrowing) deal. Both parties should read and acknowledge them.

Sign the Texas Promissory Note

After everything is clear and all the required details are incorporated, both parties should sign the form. The date should also be added. Besides, witnesses of both lenders and borrowers usually sign the document in Texas.
Signing section of promissory note form for Texas

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Other Texas Forms

Use our tool to personalize any form offered on our site to your requirements. Here is a range of some other common Texas documents we offer.

Other Promissory Note Forms by State

Published: Jan 22, 2021

Sours: https://formspal.com/promissory-note-template/texas/
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