North Dakota Unsecured Promissory Note Template

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The North Dakota unsecured promissory note is a signed and legal document stating that one party, called the ‘borrower’ will repay another party called the ‘lender’ in a specified time frame. Because this document is ‘unsecured’, the borrower is not required to set aside a material possession in the case of a default. Because this adds a considerable amount of risk to the transaction for the lender, we recommend he or she screen potential borrowers to ensure they have a reputable credit score.

How to Write

At the top of the first page, enter the current date, the parties information, the full balance of the note, and the interest rate.

Step 1 – Select the method in which the loaned balance will be paid back. If an option with installments is selected, choose either weekly or monthly payments.

Step 2 – At the second (2) section, enter the date that the entire balance must be paid by as well as all outstanding debt.

Step 3 – For the third (3) section, enter the interest rate used in the case of a default.

Step 4 – Head to section six (6) and enter all required information regarding late fees into the two empty text boxes.

Step 5 – For the seventh (7) section, enter the time frame needed to pass before acceleration can occur.

Step 6 – On the last page, enter the current date and have all involved parties (including a witness) write his or her names into the designated empty text boxes. Once all names have been recorded, the promise will go into full legal effect.