Demand to Pay Promissory Note TEMPLATE
When a borrower signs a promissory note, then he agrees to return the borrowed amount to the creditor as per the terms & conditions were agreed. A sworn statement is mentioned in the agreement stating that the debtor is legally obligated for returning the amount when the creditor asks for the borrowed money.
Creditors can take the aid of demand notice which is known as Demand Notice to Pay Promissory Note. This note is of great significance as it informs the debtor that the creditor wants his money back and it is the right time to pay back the borrowed amount. This note also carries some legal value as well. It is a simple and clear note which a creditor can use whenever he wants to.
Key Elements of this Note:
While demanding the return of borrowed money, some of the mandatory elements which should be written on the document include the name of both the parties i.e creditor’s name and debtor’s name along with their complete address. In addition to this, the date needs to be mentioned on which this notice is issued and sent to the debtor. Mention the reference number, details, specification, amount of money, which the debtor has to pay to the creditor, deadline of payment, details of the legal action, the signature of the creditor along with the date.
Creditor’s Legal Right:
The creditor gets his money back from the debtor after sending this notice to him. As this notice clearly states that the creditor needs his money back so the bettor tries his best to return it within the deadline provided by the creditor.
The creditor reveals the fact that he has the legal right to take action against the debtor if he does not comply with the written statements of the notice. The debtor is held responsible for any sort of action taken against him. The best way to pleasantly deal with the situation is to exhibit the positive and quick response by sending the payment.
The demand notice to pay promissory note is often used by the companies who lend their money to the borrowers.