Promissory Note Template Colorado

The document would also state the loan amount interest rate repayment time frame.

Promissory note template colorado. Room 164 po box 173350 denver co 80217 3350 promissory note contract continued d. Colorado department of revenue division of motor vehicles driver control section. Secured notes are accompanied by collateral pledged by the borrower. The colorado secured promissory note template is a contract that is used to establish the terms of a loan.

Provides colorado promissory note forms for all your promissory note needs including installment notes demand notes notes with or without interest secured notes notes for personal loans business loans etc. A colorado promissory note is when properly executed a binding legal agreement between a lender and a borrower. The essence of the document is that the lender provides a loan and the borrower makes a promise to repay it. The colorado promissory note templates can be downloaded in pdf or word format.

If a borrower defaults on a. Additionally a spot for the interest rate is included as well. Should the borrower default on the note the lender can legally take possession of the collateral in order to satisfy the unpaid balance. Failure to put it in writing can be costly.

There are two specific types of notes. The colorado promissory note templates are documents designed to assist two parties in concreting details in regards to a loan to help ensure the borrower pays the balance over time in orderly fashion. Promissory notes are a type of written agreementcontract between a lender and borrower. The defendant s shall have fifteen days from the date of the mailing of the notice of default to make the delinquent payments.

What makes a promissory note legal in colorado. Download free printable promissory note templates that may be written in fillable adobe pdf pdf ms word doc and rich text format rtf. A promissory note template colorado word doc clearly specifies names of lender borrower. The colorado secured promissory note is a three page agreement designed for two parties planning on engaging in the loaning of moneythe agreement outlines key points of information such as late fees lender and borrower info and payment types.

The note is secured due to having the backing of the borrowers pledged collateral. The pdf file can be filled out and signed electronically. Colorado promissory note form. Below are two different forms of the colorado promissory note one designed to give the lender security in the case of a default and the other without security.

A promissory note is a written agreement to pay back money in a certain time with specific terms and is often used in real estate vehicle personal and college loans. Colorado like many states has a number of requirements needed for a promissory note to be legal.