Non Negotiable Promissory Note Form is a legal document prepared and signed by the Maker in acknowledgement of acceptance and repayment of the dues to the Payee. This promissory note template is not negotiable. This has three prominent sections with terms, conditions, and provisions.
You as a Maker of the promissory note must read these provisions carefully before signing and executing it as it is binding upon you as well as your successors. Various inputs related to the financial transactions and undertaking to acceptance of the terms and conditions are required by the Maker of the Non Negotiable Promissory Note Form. The Payee has no rights to transfer the rights offered by the promissory note form without prior consent of the Maker as per the provision in Section 3.5.
Filling the Non Negotiable Promissory Note
- Read the Promissory Note carefully.
- Complete all fields of the form correctly.
- Enter all details related to borrowing money and repayment schedule carefully.
- Read provisions related to prepayment as well as right to set-off the dues. Section 11.4 of the promissory agreement has directives for notices.
- Enter the State Name to declare the jurisdiction of the promissory note form with the non negotiable feature.
- Non-negotiable promissory note is binding legally on all involved parties.
- This promissory note is general in nature and can be used in any state, unless the state has a specified format required for the promissory note.
Non-Negotiable Promissory Note Form
Enter the borrowed amount followed by the date on the very first section of the Non Negotiable Promissory Note Form. Then insert your details as a maker as well as particulars of the Payee on the next two lines respectively. Enter the total amount in words and figure on the next line. Provide the annual rate in the blank space on the next line.
Mention the date of the Stock Purchase Agreement in the next portion of non-negotiable promissory note. Enter information on the next line to fill out this portion of the promissory note.
Section 1.1 of the promissory note requires providing details of the repayment like number of installments, mode of installments, due date of the first installment, and then frequency on the respective spaces. Provide these details accurately. Enter the mutually agreed address for sending the payments in section 1.2 and enter the name of the State in the blank space on the last line.
Define the jurisdiction of the law by entering the name of the state in 3.4 Governing Law. You as a Maker of the Non Negotiable Promissory Note Form must sign after inserting the date to complete preparing the promissory note.