Structure
The Wisconsin Promissory Note form serves as a crucial document in financial transactions, establishing a clear agreement between a borrower and a lender. This form outlines the terms of a loan, including the principal amount, interest rate, repayment schedule, and any applicable late fees. By detailing these elements, the note ensures that both parties have a mutual understanding of their obligations. Additionally, it typically includes provisions for default, which can protect the lender's interests should the borrower fail to meet their repayment commitments. The form may also require the borrower’s signature, confirming their acknowledgment and acceptance of the terms laid out. Understanding the significance of this document can help individuals navigate lending processes more effectively, ensuring that both parties are on the same page regarding the loan's terms and conditions.
Form Example
Wisconsin Promissory Note Template
This Promissory Note (hereinafter referred to as the "Note") is designed to set forth the agreement between the parties and adhere to the governing laws of the State of Wisconsin, particularly those found in Chapter 138 of the Wisconsin Statutes, dealing with Interest and Usury laws. It is important for both the Lender and Borrower to review the terms carefully and ensure a clear understanding of their obligations.
1. Parties InformationDate: ________
Lender's Name: ________
Lender's Address: ________
Borrower's Name: ________
Borrower's Address: ________
2. Loan InformationPrincipal Amount: $________
Interest Rate (Annual): ________%
Loan Issuance Date: ________
Full Repayment Due Date: ________
3. PaymentThe method of repayment is agreed upon as follows:
- Single payment of principal and interest due on the above-mentioned due date.
- OR
- Installments due as follows: ________
In case of late payment, an additional interest rate of ________% per annum on the outstanding principal may be imposed.
5. PrepaymentThe Borrower reserves the right to prepay the principal amount in full or in part at any time without penalty.
6. Governing LawThis Note will be governed under the laws of the State of Wisconsin.
7. SignatureThis document, upon being signed by both the Lender and Borrower, will serve as a binding agreement.
Lender's Signature: ________
Date: ________
Borrower's Signature: ________
Date: ________
File Specifications
| Fact Name | Description |
|---|---|
| Definition | A Wisconsin Promissory Note is a written promise to pay a specified amount of money to a designated party at a defined time. |
| Governing Law | The form is governed by Chapter 403 of the Wisconsin Statutes, which covers commercial paper. |
| Parties Involved | The note involves two primary parties: the maker (borrower) and the payee (lender). |
| Interest Rate | The interest rate can be fixed or variable, as agreed upon by both parties, and should be clearly stated in the note. |
| Payment Terms | Payment terms must specify the due date, installment amounts, and method of payment. |
| Default Conditions | The note should outline the conditions under which the borrower is considered in default, including any grace periods. |
| Signature Requirement | The document must be signed by the maker to be legally binding, and it is advisable to have a witness or notary. |
| Transferability | Promissory notes in Wisconsin can be transferred or assigned, allowing the payee to sell the note to another party. |
| Legal Enforceability | If properly executed, the promissory note is legally enforceable in a court of law in Wisconsin. |
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