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Back to Forms for 'Promissory Notes'.


INSTALLMENT NOTE SALE - TITLE TO REMAIN IN PAYEE OR HOLDER

INSTALLMENT NOTE SALE - TITLE TO REMAIN IN PAYEE OR HOLDER

 

SECTION ONE

 

TERMS OF NOTE

 

For value received, ________________ of _________________________________, in this note referred to as Maker, promises to pay to the order of ___________________, of ___________________________________________, in this note referred to as Payee, the principal sum of ___________________ with interest thereon at __________ percent per year in installments as follows:  ______________ in ______ monthly installments of ________________ each, beginning on ___________, continuing on the same day of each ________, and ending on ___________.

 

SECTION TWO

 

SALE OF GOODS

 

This note is given for the purchase of _____________, in this note referred to as the Goods.

 

SECTION THREE

 

TITLE OF GOODS; SECURITY INTEREST IN GOODS

 

Title of the goods shall remain in Payee of this note until all of the installments are paid in full.  The Payee is hereby granted a security interest in all the Goods to secure the prompt compliance of Maker in performing all of the obligations of Maker under this note.

SECTION FOUR

 

ACCELERATION OF NOTE; REPOSSESSION OF GOODS

 

If there is any default in the payment of any installment of principal or interest of this note, if there is a sale or attempted sale of part or all of the Goods, if there is a removal or attempted removal of part or all of the Goods from , or if any other event happens that causes Payee to deem itself insecure, Payee shall have the option to declare all of the unpaid installments of this note due and payable at once, and Payee shall have the right to repossess the Goods.

 

SECTION FIVE

 

PRESERVATION OF GOODS

 

Maker shall insure the goods for ___________________ with a company acceptable to Payee, and Maker shall comply with all requirements of Payee to preserve the Goods.

 

SECTION SIX

 

EFFECT OF WAIVER OF RIGHTS BY PAYEE

 

Failure on the part of Payee to exercise any option on the happening of a default under this note shall not operate to bar the right of Payee to exercise the option on any subsequent default.

 

SECTION SEVEN

 

MAXIMUM INTEREST COLLECTABLE ON NOTE

 

Maker shall not be required to pay and Payee shall not be permitted to collect interest in excess of the maximum permitted by the law held to be applicable to this transaction.  If any excess of interest is provided for in this note or has been collected under this note, Maker shall not pay the interest in excess of the amount permitted by law and the final payments due under this note shall be adjusted so that the total interest actually paid will equal the maximum amount that may be lawfully collected.

 

SECTION EIGHT

 

ASSIGNMENT; DEFENSES

 

All rights of Payee under this note and to the Goods may be assigned.  The liability of Maker to any assignee shall be immediate and absolute and Maker will not set up any claim against the assignee as a defense, counterclaim, or set-off to any action brought by any assignee for the unpaid balance owed under this note or for repossession of the Goods.

 

SECTION NINE

 

WAIVER OF PRESENTMENT, PROTEST, AND NOTICE OF DISHONOR

 

All parties to this note, whether Maker, surety, or indorser, waive presentment, demand, protest, notice of dishonor, and any other notices normally required to be made.

 

SECTION TEN

 

COSTS OF COLLECTION

 

Maker shall pay the costs of collection of this note, including reasonable attorney fees and legal costs, in an amount not to exceed ______ percent of the principal and interest collected after default of this note.

 

SECTION ELEVEN

 

EXTENSION OF TIME

 

The indorsers and sureties agree to any extensions of time for payment that Payee may make without notice of such extensions.

 

SECTION TWELVE

 

DEFINITION OF PAYEE

 

The word Payee shall mean the Payee or any other indorsee of this note, who is in possession of it, or the bearer of this note, if this note is at that time payable to bearer.

 

 

________________________________   Dated:  ______________________

(Signature of Maker)

 

ASSIGNMENT

 

For value received, and with recourse, Payee hereby assigns the above note to _______

________________, of __________________.  Payee further assigns all the right, title, and security interest that it holds in the Goods described in the above note.

 

The assignee shall not be bound to take any steps necessary to preserve any rights and the Goods against prior parties that the Payee assumes to do.

In witness whereof, Payee has executed this assignment at __________________ on ______________________.

 

 

____________________________________

(Signature of Payee)

 



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