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Washington Installments Fixed Rate Promissory Note Secured by Personal Property Washington Form

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Washington Installments Fixed Rate Promissory Note Secured by Personal Property Washington Form

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[Music] what is a promisory note a promisory note is a legal document that serves as evidence of a debt owed by one party to another the purpose of the note is to outline the terms of that loan between the borrower and the lender the note will include all of the terms of the agreement what kind of terms would you find in a note and deta Trust the loan amount also called the principal amount the interest rate what the lender is charging for the cost of the money the maturity date when the money has to be paid back to the lender the payment schedule when payments are going to be due from the borrower to the lender who the parties are who is the borrower and who is the lender what constitutes a default if all of those terms are not complied with by the borrower the loan goes into default at that point once we're in default then different terms and different obligations start to occur depending upon the terms of the note other terms can be included including a prepayment language s

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