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Blank Promissory Note Form for Ohio State

A promissory note in Ohio is a written promise to pay a specific amount of money to a designated person or entity at a defined time. This legal document serves as a record of the loan agreement, outlining the terms and conditions agreed upon by both parties. Understanding this form is crucial for anyone involved in lending or borrowing money in Ohio.

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Table of Contents

Document Overview

Fact Name	Description
Definition	An Ohio Promissory Note is a written promise to pay a specific amount of money to a designated person or entity at a specified time.
Governing Law	The Ohio Promissory Note is governed by the Ohio Revised Code, particularly Section 1303.01.
Parties Involved	There are typically two parties: the borrower (maker) who promises to pay, and the lender (payee) who receives the payment.
Payment Terms	The note should clearly state the amount to be paid, the interest rate (if any), and the due date for payment.
Signature Requirement	The maker must sign the note for it to be legally binding. A signature can be a handwritten or electronic signature.
Notarization	While notarization is not always required, it can provide an extra layer of authenticity and may be beneficial in case of disputes.
Default Provisions	The note may include terms outlining what happens if the borrower fails to make payments on time.
Transferability	Promissory notes can often be transferred to another party, allowing the lender to sell or assign the note to someone else.
Record Keeping	It is important for both parties to keep a copy of the signed note for their records, as it serves as proof of the agreement.

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Discover More Promissory Note Templates for Specific States

Florida Promissory Note Template - This document can assist in building credit history for the borrower when payments are made as agreed.

Kansas Promissory Note - Periodically reviewing the terms of the Promissory Note can be beneficial for both the borrower and lender to stay aligned.

Washington Promissory Note - Can be customized to fit the specific needs of both parties.

Georgia Promissory Note Template - It is essential to consider the implications of each term in a Promissory Note before signing.

Documents used along the form

When engaging in a lending agreement in Ohio, a Promissory Note is a crucial document. However, there are several other forms and documents that often accompany it to ensure clarity and legal compliance. Below is a list of common documents that may be used alongside the Ohio Promissory Note.

Loan Agreement: This document outlines the terms and conditions of the loan, including interest rates, repayment schedules, and any collateral involved. It serves as a comprehensive guide for both parties.
Security Agreement: If the loan is secured by collateral, this document details the specific assets pledged. It provides legal protection for the lender in case of default.
Disclosure Statement: This form provides important information about the loan, such as fees, interest rates, and the total cost of borrowing. It ensures transparency and helps borrowers make informed decisions.
Personal Guarantee: In some cases, a lender may require a personal guarantee from a third party. This document holds the guarantor responsible for the loan if the borrower defaults.
Amortization Schedule: This document breaks down the repayment plan into monthly payments, showing how much of each payment goes toward principal and interest. It helps borrowers understand their financial obligations over time.
Release of Liability: Once the loan is paid in full, this document releases the borrower from any further obligations. It serves as proof that the debt has been satisfied.

These documents work together with the Ohio Promissory Note to create a clear and enforceable lending arrangement. By utilizing these forms, both lenders and borrowers can protect their interests and ensure a smooth transaction.

Document Sample

Ohio Promissory Note

This Promissory Note is made as of [Date] between:

[Borrower’s Full Name], residing at [Borrower’s Address] (the "Borrower"), and
[Lender’s Full Name], residing at [Lender’s Address] (the "Lender").

The Borrower promises to pay the Lender the principal sum of [$Amount] (the "Loan Amount").

The Borrower agrees to pay this Loan Amount under the following terms:

The Loan Amount will be repaid in full on or before [Maturity Date].
The Borrower shall pay interest on the unpaid principal at the annual rate of [Interest Rate]%.
Payments will be made in [Monthly/Quarterly/Other] installments of [$Payment Amount], beginning on [Start Date].
All payments will be made to the Lender at the address stated above or as otherwise directed in writing.

If the Borrower fails to make any payment when due, the entire remaining unpaid principal and accrued interest will become due immediately at the option of the Lender.

This Note is governed by, and will be construed in accordance with, the laws of the State of Ohio.

IN WITNESS WHEREOF, the Borrower has executed this Promissory Note as of the date first written above.

_____________________________________
Borrower’s Signature
[Borrower’s Printed Name]

_____________________________________
Lender’s Signature
[Lender’s Printed Name]