Promissory Notes and Loan Agreements for Florida — $350.00
A promissory note is a document wherein one party (the maker or issuer) makes an unconditional promise in writing to pay a sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. They differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists. In common speech, other terms, such as “loan,” “loan agreement,” and “loan contract” may be used interchangeably with “promissory note” but these terms do not have the same legal meaning. Whereas a promissory note is evidence of a loan, it is not the loan contract, which would contain all the terms and conditions of the loan agreement.
A loan agreement is a more formal document than the promissory note, and includes the terms and conditions of the loan, such as amount of the loan, length of the loan and the interest rate.
If you intend on lending money to another person in Florida, you need to consider at the very least having a promissory note, if not an entire loan agreement.
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