Because there are so many variations in state law, there is no such thing as a “generic” secured Promissory Note for a vehicle.
Promissory Note Questions
Answers to Frequently Asked Promissory Note Questions
Must a Promissory Note Be Notarized to be Enforceable?
A promissory note is a negotiable instrument that represents the promise of someone to pay.
If an Ex-Spouse Refinances a Home with a Promissory Note in Place, Must Payment Against that Note Be Made?
Most likely, yes, there would be an obligation to pay a Promissory Note upon the refinancing of a home formerly owned by a divorced couple.
But the terms of the promissory note itself (and perhaps even the Divorce decree) must be closely examined to ensure that the obligation to pay is still legally binding.
Would a Property Promissory Note Due to a Family Member of One Spouse Affect the Finances of a Divorce Settlement?
Generally, an unsecured promissory note (i.e. a promissory note not secured by a mortgage or a lien on the property) will not reduce a party’s obligation to pay support (or otherwise alter the marital property division) in a Divorce action.
Does a Divorce Agreement Consolidating Debt to One Spouse Remove the Other’s Obligation on a Promissory Note?
A Divorce Agreement and divorce order does not change or alter the terms of a Promissory Note, per se.
Is a Jointly Signed Real Estate Promissory Note Valid After Divorce if No Payment Was Ever Made on the Property?
Ask Standard Legal cannot act as a court nor provide a legal interpretation of any document, especially without a thorough review. However, if a Promissory Note was signed by the Maker and some consideration was provided for the note (e.g. there was a loan or other indebtedness), then the Note may be enforceable as written.
Does Standard Legal Offer Secured Promissory Note Forms?
Standard Legal offers Promissory Notes with Personal Guarantees and Third Party Guarantees, but not ‘secured notes’.
Does a Last Will and Testament Override a Promissory Note?
A Last Will & Testament may contain language that forgives indebtedness owed to the decedent by a third party, even if the indebtedness is confirmed through a written Promissory Note.
But if the holder of the Promissory Note is not a beneficiary of the assets of the estate, another solution is used.
Can the Signature on a Promissory Note Be Required After-the-Fact for a Loan Made by Verbal Agreement?
Verbal contracts can be as valid as written ones, including verbal contracts made for loans.
Is an Unsigned Email Confirming Repayment of a Loan Equal to a Promissory Note?
When a friend or family member borrows money, many times that person will confirm their intent to repay the loan through an email or letter. And while such a confirmation helps solidify the existence of the loan, it is far and away a poor substitute for a legal and valid Promissory Note.