Looking for Promissory Note PDF?
A sworn and written statement in which debtor states that he or she is borrowing the money from the specified creditor on the specified date and he or she is legally responsible for repaying the amount of money on the specified date is termed as Promissory Note PDF. A promissory note includes name of the borrower and creditor, date of borrowing the money by the debtor, date of signing the promissory note, details of the loan, details of repayment of the loan, sworn statement of borrowing money from the creditor and legal obligation of repaying it, terms and conditions of the note, signature of both creditor and debtor and the terms and conditions on which both debtor and creditor is agreed.
Importance of Promissory Note PDF
We can insure our debt through the promissory note. There is not any involvement of lawyer and third party in this note. It is safe for creditor and debtor. If the creditor does not get credited money on the specified date, then he or she can use it as an evidence in the court. If the creditor demands the amount of money more than the credited money, then the debtor can use it as the evidence in front of the court. This note is important to ensure safety on both the sides.
Is this Note Necessary?
The promissory note is the statement of confirmation of getting the credited back to the creditor on prescribed date. The relationship is maintained if it is signed by friends and family members. It makes the act of borrowing and lending money easy and convenient. It converts the act of borrowing or crediting the money into a legal form. It is difficult to carry out the transaction of credited or borrowed the money without promissory note. Therefore, the Promissory note is necessary for both creditor and debtor.