To guarantee the refund of the borrowed money, borrowers can sign various legal documents that the lender can submit in court if they fail to pay the debt in the agreed terms. The North Carolina promissory note template is an instrument to prove that money was lent and bind the borrower to repay.
In promissory notes, parties have to disclose specific figures and conditions they agreed on, including:
Every state regulates usury and legal forms tied to the topic differently. However, the document’s structure and mandatory details remain the same. The promissory note template may include additional information based on the used template and the general regulations to such agreements.
There are two types of promissory notes in North Carolina and other states. You may choose between:
Chapters 23 and 24 of the North Carolina General Statutes are all about the relations between debtors and creditors, loans, and interest rates.
The standard interest rate in North Carolina is 8% per year by law, as written in Section 24-1.
If you are wondering how to complete the North Carolina promissory note template, our guidelines will help you step by step.
You should be careful when choosing promissory note templates as not all of them are valid. Use our form-building software to download the right file quickly. Remember to make a couple of copies because usually, both parties have to sign and keep a copy of the promissory note.
On the right-hand side below the heading, write the current date.
You should write the full name of the person lending the money in the suitable line of the form’s first part.
After naming the lender, disclose the lent sum in US dollars. Write it in words first, then place the numbers in brackets nearby.
You may choose a place where the borrower should bring the money or a convenient manner of submitting the money to the lender.
The term “maturity date” is the date when the borrower has to complete the payment. Insert this date in Section 2 (or “Term”) of the template.
Usually, lenders want borrowers to refund in installments. This section should contain the payment schedule that both parties set.
After creating the timeline and entering the details, read the statements listed in the form carefully. The information is useful for both lenders and borrowers in North Carolina.
In North Carolina, only the borrower has to sign the note. Notarization is not required. However, you may ask a notary to sign if need be.