Boat Promissory Note Form
Boat promissory note form with examples and instructions.
The boat Promissory Note form is a written promise wherein a borrower promises payment of a certain dollar amount in consideration of a boat loan. The obligation may be the result of financing from a marine lending institution or seller financing of all or a portion of the purchase price. A promissory note is often accompanied by a security agreement.
Usage Context
A boat Promissory Note is typically secured against the subject boat itself and will usually call for installment payments. The form examples provided herein are simplified versions and may not be suitable for more complex transactions or commercial vessels.
Examples and Conversion
Examples of the boat Promissory Note form are available in Adobe PDF format from the Referrals for this page. They can be easily converted into your favorite word processing application for modification and editing purposes. If your system does not already have this capability, there are a number of free or subscription internet services available that can provide such an accommodation.
Citations and Instructions
Opening Statement - Define the parties, principal amount of the loan, and applicable interest
rate. The borrower's address can be stated adjacent to the below signature line. This should be
a physical location where service can be delivered in the event of a default.
Payment - Establish the terms of how the loan is to be repaid. This can be one
lump sum or structured as installment payments.
Place - Enter the place or destination of where the payment or payments should be
sent.
Prepayment - Indicate whether prepayment of the loan is allowed or forbidden.
Security - Indicate whether or not the note is subject to a security agreement. If
so enter the collateral description, it's identification numbers, and date of the agreement (may
not precede that of the note).
Default - Indicate the circumstances that will apply in the event of a default in
payment or breach of the terms set forth herein.
Collection
- Enter the borrower's obligations in the event of any actions
necessary to enforce the terms set forth herein.
Signature - Enter the date and signature of the borrower. This should be followed
by the borrower's physical address. Notarization is not typical for a
promissory note, but an attachment can made if
so desired.
Conclusion
The boat Promissory Note can affect the legal rights of all parties involved and should be reviewed by a qualified attorney regarding any such concerns.
References and Referrals
Comments - Suggestions - Corrections