Free Legal FormsLegal Forms
Need Help Contact Us Find out more about us. Customer/Member Support
  Members Logon
 User Name
 
 Password
Forgot Your Password?
   
Search
View forms index

Do-it-yourself, and save-but be smart about it!

To make sure your goals are not compromised, and that your needs are properly met, All About Forms highly recommends that you have a licensed attorney review any legal documents you plan to use.

Why?

  • To be sure you have the right form for your state or local area.
  • To be sure you have the right form for your unique situation.
  • To be sure you are considering all possible legal ramifications.

Signup now to take advantage of the free consultations with our attorneys and financial experts and have them take a look at what you're planning. Just in case!



Back to Forms for 'Promissory Notes'.


SECURED DEMAND NOTE

SECURED DEMAND NOTE

 

SECTION ONE

TERMS OF NOTE

 

On demand, ________________________________, of ________________________ (address), referred to as maker, for value received promises to pay to the order of ______________________________, of ____________________________________ (address), referred to as payee, __________ (Amount) ($__________) at __________

______________________________ (address), with interest from the date of this note until paid at the rate of __________ percent (__________%) per annum.

 

SECTION TWO

COLLATERAL

 

To secure payment of this note and all other obligations maker owes to payee, whether the obligations are now existing or are hereafter created, whether direct or indirect, whether absolute or contingent, and whether due or to become due, maker pledges to payee a security interest in the following property, referred to as collateral:

 

Market value as of:

Description ___________

__________$___________

__________$___________

__________$___________

Total $_________

 

 

 

SECTION THREE

ADDITIONAL SECURITY

 

If payee should at any time decide that the collateral is not sufficient or has declined or may decline in value, payee may call for additional collateral. Maker shall furnish the additional collateral within __________ days after payee requests the additional collateral. The call for additional collateral shall be made by __________ (certified or registered) mail, with postage prepaid and return receipt requested, which shall be mailed to the last known address of maker.

 

SECTION FOUR

DEFAULT- NOTICE ON DEFAULT

 

A default by maker shall occur on the failure of maker to comply with any of the promises contained in this note or on the failure of maker to perform any other obligation of maker to payee. Furthermore, default shall occur on the death, dissolution, termination of existence, insolvency, or business failure of maker. The failure of maker to pay __________ (his or her) debts as they mature shall result in a default by maker, as will the appointment of a receiver for any part of the collateral, or an assignment for the benefit of creditors of maker, or the commencement against maker or an indorser or guarantor of this note of a proceeding under the Federal Bankruptcy Act. If default occurs, payee shall have the rights and remedies of a secured party under the Uniform Commercial Code of __________ (state), including without limitation the right to sell the collateral. Unless the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, payee shall send reasonable notice to maker of the time and place of any public sale or reasonable notice of the time after which any private sale or other intended disposition of the collateral is to be made. The notice requirement shall be met if notice is sent by __________ (certified or registered) mail, postage prepaid with return receipt requested, to the last known address of maker at least __________ (__________) days before the time of the sale or disposition of the collateral.

 

SECTION FIVE

TRANSFER OF TITLE OF COLLATERAL

 

Payee, at __________ (his or her) option, may transfer at any time to payee or payees nominee any collateral pledged under this note as security. Payee may apply the transferred property to the payment of the principal or interest due on this note or due on any obligation secured by this note.

 

SECTION SIX

RIGHT OF PAYEE TO DEAL WITH COLLATERAL

 

Payee may at __________ (his or her) option demand, sue for, collect, or make any compromise or settlement payee deems desirable with reference to collateral held under this note.

 

SECTION SEVEN

EFFECT OF WAIVER OF RIGHTS BY PAYEE

 

No delay on the part of payee in exercising any right under this note shall operate as a waiver of the right or of any other right under this note. The waiver of a right on any one occasion shall not be construed as the waiver of the right or remedy on any future occasion.

 

 

 

SECTION EIGHT

WAIVER OF PRESENTMENT, PROTEST, AND NOTICE OF DISHONOR

 

Every maker, indorser, and guarantor of this note or the underlying agreement on which this note is based waives presentment, protest, demand, notice of dishonor or default or notice of any kind with respect to this note or any guaranty of this note or the performance of the agreement on which this note is based.

 

SECTION NINE

EFFECT OF GRANTING EXTENSION OR RELEASE

 

No extension of this note, no release of any collateral given for this note or any guaranty of this note, no release of any person, primarily or secondarily liable on this note, and no delay in the enforcement of payment of this note or any guaranty of this note shall affect the liability of the maker, or any indorser or guarantor of this note.

 

SECTION TEN

COSTS OF COLLECTION

 

Maker shall pay on demand of payee all costs of collection, including reasonable attorney fees, incurred by payee in enforcing collection of this note on default.

 

SECTION ELEVEN

DEFINITION OF PAYEE

 

The word payee shall mean the payee or other indorsee of this note who is in possession of this note or the bearer of this note, if this note is payable to bearer.

 

 

______________________________

Signature

 

 



Printer Friendly Version Get RTF Version


   
   

 ©2000-2012 CLC Inc.

 Home | About Us | Contact Us | FAQs | Link to Us
 Legal Information | Privacy Policy
   

Try us out for only $4.95!

Register now







FIFA 14 Coins,FIFA Coins,MMORPG Gold,MMOPRG Game,Wedding Dresses,Evening Dresses,Fashion Guides,Fashion Tips,Healthy Diets,Slimming Equipment,Fashion Bags,Fashion Handbags,Fashion Clothes,Fashion Shoes,FIFA 14 Coins,FIFA Coins,Fashion Jewelry,Fashion Jewellery,Fashion News,Fashion Tips,FIFA 14 Coins,FIFA Coins,Fashion Guides,Fashion Trends,Wedding Dresses,Evening Dresses,Wedding Dresses,Evening Dresses