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USLegaforms offers a wide variety of forms to suit your preferences for the terms of the loan. A promissory note may be secured or unsecured. When it is secured, it means that property, called collateral, may be taken by the lender if the borrower fails to pay the loan payment. If the debtor files bankruptcy, the lender may be able to recover the value of the loan by taking possession of the specified collateral instead of receiving only a portion of the borrowers property after it is divided among all creditors. Collateral may be many different types of property, such as shares of stock of a company, inventory, accounts receivable, etc.
If a loan isn't repaid and doesn't include a provision for a security interest that may be taken as collateral upon default, a lien may be created after obtaining a judgment for money damages in court. If the judgment isn't paid, the unsatisfied judgment used to pettion the court for a judgment lien on the judgment debtor's property
A promissory note may provide for payments to be made in installments or in a lump sum. The terms may provide for a series of smaller payments at the beginning of the loan period and a larger balloon payment at the end of the loan period. The option for a confessed judgment agreement, also called a cognovit note, may also be included. A confessed judgment agreement requires the debtor not to claim defenses and agree to have a judgment entered against him if he fails to pay and the matter is taken to court. Please see the forms at the links below to determine which best suits your needs.
We can assist you with searching to locate forms or we can draft add forms you may need to our database. However, we cannot advise you to use one particular form over another that address the same matter. The answer will depend on the facts in each case. For example, a notice of a meeting to accept the resignation may be required by the operating agreement. A buy-sell agreement may govern the terms of the sale of stock upon resignation. I am prohibited from giving legal advice. We can show you what is available. I have shown some commonly used forms in the links below. You can take a look at the forms and see if they fit your need. If they do not, let me know and we may be able to add a form for your need. You may order a form or package by phone by calling Toll Free: 1-(877) 389-0141 - 8:30-5:00 Central Time Zone Monday – Friday.