Promissory Note (For Open Account Debt)
Use this type of promissory note to nail down the repayment terms on an open account debt.
If you need to outline how a debt must be repaid, a promissory note is the legal form to use. Choose from the following professional digital forms. A free boilerplate form is also provided for reference.
These digital forms, provided by Nolo, are legally valid in your state, customizable to suit your needs, professionally written, and regularly updated by expert attorneys. Use these if you need to create an enforceable contract.
Free Basic Form Template
The form below is a very basic one, using boilerplate language, and is intended for educational purposes only. It has not been vetted by an expert, or updated. It may not be legally valid.
(FOR OPEN ACCOUNT DEBT)
In consideration of value received, the undersigned Borrower promises to pay ___________________ the amount of ________________, along with interest accrued on such amount at _______ percent per _______________. Payments are to be made in the following fashion:
This Note may be paid in full without penalty charges. In case of any default on this Note or its terms, Lender may demand payment in full of the balance, with accrued interest. Additionally, Borrower agrees to pay all reasonable expenses associated with collection costs in the case of default.
This Note evidences an existing indebtedness due Lender by the Borrowers on an open account balance as of this date, and this Note shall not be considered a separate obligation.