Current Debt Letter Template (Word/PDF) Company/Private Person

Product description for Current Promissory Note Template (PDF and Word)

Download immediately after purchase - Simple, legally binding and flexible

Product name: Current Promissory Note Template

Format: PDF and Word

Availability: Instant download after purchase

When you need to ensure that a loan between two parties is legally binding, a running promissory note is an indispensable tool. Our template for current promissory notes is designed to provide both lenders and borrowers with clear and legal terms that comply with Swedish legislation.

What is a current promissory note?

A current promissory note is a written document in which the debtor (borrower) undertakes to pay a certain amount of money to the holder of the promissory note. There are two types of current promissory notes: bearer promissory notes and order promissory notes. A bearer promissory note gives the right of payment to the holder of the document, while an order promissory note is addressed to a specific person or order, which requires transfer by signature.

Key elements of our promissory note template:

1. Loan amount:

   • The lender grants the borrower a loan for a specific amount. The debtor undertakes to repay this amount to the holder of the debenture.

2. Term:

   • Specifies the term of the loan with start and end dates.

3. Interest and fees:

   • Indicates the interest rate per year as well as any set-up fees and other costs.

4. Amortization:

   • Details of how and when the loan is to be repaid, such as monthly payments.

5. Payment terms:

   • Clarify when and how the debt must be repaid, including repayment method.

6. Type of promissory note:

   • Specifies whether it is a bearer promissory note or an order promissory note.

7. Delay:

   • Provisions on late payment interest.

8. Other conditions:

   • Legal terms and relevant laws, such as the Contracts Act, the Consumer Credit Act and the Interest Act.

9. Parties and signatures:

   • Full details of both lender and borrower, including name, address, social security number, corporate identity number (for businesses), and their signatures.

10. Witness:

    • A section for two witnesses to attest that the signatures are correct, strengthening the document's legal validity.

Why choose our promissory note template?

Instant download: After purchase, you get instant access to the template in both PDF and Word formats. This allows you to start using the document immediately, without having to wait for postal deliveries or other delays.

Ease of use: Our template is designed to be easy to complete, with clear instructions and explanations for each section. This makes it accessible even to those without a legal background.

Flexible and customizable: The template can be easily adapted to your specific needs and situations, making it useful for a variety of loan agreements.

Legal security: Our template follows Swedish legislation carefully, which gives you and the counterparty a certainty that the agreement is valid and legally binding. This includes alignment with important laws such as the Promissory Note Act (1936:81), the Contract Act (1915:218), the Consumer Credit Act (2010:1846) and the Interest Act (1975:635).

Witnessing and security: By including witnesses and their signatures, the credibility of the document is further strengthened, which can be decisive in any disputes.

Protection against future conflicts: By having a clear and detailed promissory note, the risk of misunderstandings and conflicts between the parties is reduced, making it easier to manage the repayment of the loan.

Important notes:

• Both parties should have their originals of the promissory note.
• Any collateral for the loan (e.g. mortgage or surety obligations) should be documented separately.
• The promissory note should be kept in a safe place and any payments should be separately acknowledged.

Buy our running promissory note template today and ensure that your loan agreements are clear, legally binding and legally binding. Visit our website to download the template and take the first step towards a safer future for your financial transactions.