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Fillable Tennessee Promissory Note Document

A Tennessee Promissory Note is a written promise to pay a specific amount of money to a designated person or entity at a defined time or on demand. This document serves as a crucial tool in lending situations, ensuring both parties understand their rights and obligations. If you are ready to create a legally binding agreement, please fill out the form by clicking the button below.

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When it comes to securing loans and formalizing agreements in Tennessee, the Promissory Note form serves as a vital tool for both lenders and borrowers. This straightforward yet powerful document outlines the terms of a loan, including the amount borrowed, interest rates, repayment schedule, and any applicable fees. By clearly stating the obligations of both parties, it helps to prevent misunderstandings and provides a legal framework for the transaction. The form typically includes essential details such as the names and addresses of the lender and borrower, the date of the agreement, and the consequences of defaulting on the loan. Whether you're a small business owner seeking capital or an individual looking to finance a personal project, understanding the nuances of the Tennessee Promissory Note is crucial for ensuring a smooth lending experience. This form not only protects the interests of the lender but also provides the borrower with a clear roadmap for repayment, fostering trust and accountability in financial dealings.

Tennessee Promissory Note Sample

Tennessee Promissory Note Template

This document is a promissory note (“Note”) for use in the State of Tennessee. It outlines the terms under which the Borrower agrees to repay the Lender. The terms included must adhere to the relevant laws of Tennessee, including but not limited to the Tennessee Uniform Commercial Code and any other state-specific regulations regarding interest rates, late fees, and debt collection.

Borrower Information:

Name: ___________________________
Address: ___________________________
City: ___________________________
State: Tennessee
Zip Code: ___________________________

Lender Information:

Name: ___________________________
Address: ___________________________
City: ___________________________
State: ___________________________
Zip Code: ___________________________

Principal Loan Amount: $___________________________

Interest Rate: Per annum, the interest rate shall be ____%.

Loan Date: ___________________________

Repayment Terms:

The Borrower shall repay the full principal amount and any accrued interest to the Lender by ___________________________ (“Due Date”).
Payments shall be made in the form of ___________________________________.
If applicable, late fees will be charged in accordance with Tennessee law.

Default: In the event of a default, the Lender is entitled to take legal action in accordance with Tennessee law and may require the immediate repayment of the full balance owed. The Borrower will be responsible for any legal fees incurred by the Lender in such actions.

Governing Law: This Note shall be governed under the laws of the State of Tennessee.

Signatures:

This document is signed voluntarily by both the Borrower and the Lender, indicating their agreement to its terms.

___________________________ ___________________________

Borrower's Signature Date

___________________________ ___________________________

Lender's Signature Date

⇓ Promissory Note PDF Form

PDF Data

Fact Name	Description
Definition	A promissory note is a written promise to pay a specified amount of money to a designated person or entity at a future date or on demand.
Governing Law	The Tennessee Promissory Note is governed by the Tennessee Uniform Commercial Code (UCC), specifically Title 47, Chapter 3.
Parties Involved	The parties involved are the maker (the person who promises to pay) and the payee (the person to whom the payment is owed).
Essential Elements	For validity, the note must include the amount to be paid, the interest rate (if any), the payment schedule, and signatures of the parties.
Interest Rate	Interest can be specified in the note. If not stated, Tennessee law allows for a default interest rate of 10% per annum.
Enforceability	A properly executed promissory note is legally enforceable in a court of law, provided it meets all legal requirements.
Transferability	Promissory notes can be transferred to another party through endorsement, allowing for the assignment of rights.
Default Consequences	If the maker defaults, the payee may pursue legal action to recover the owed amount, including interest and legal fees.
Statute of Limitations	The statute of limitations for enforcing a promissory note in Tennessee is typically six years from the date of default.

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