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Wyoming Secured Promissory Note Template

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The Wyoming secured promissory note binds a lender and a borrower (of a monetary balance) into a signed promise requiring the borrower of said balance to reimburse the lender in a predetermined and structured time frame. The template is incorporated with security, requiring the borrower to set aside an item such as a home, vehicle, or boat that is given to the lender in the case of a default. The item is used to cover the balance that was left unpaid because of the default.

How to Write

Step 1 – Start off the template by entering the current date, the names and addresses of the borrower and lender, the balance of the note, and the note’s standard interest rate at the top of the page.

Step 2 – Once the above step has been completed, head to the first (1) section and select the payment method that will be used for the duration of the agreement. Two of the three possible options utilize installments, which require the borrower to make multiple payments in either weekly or monthly increments. If an installment-type option is selected, put a checkmark next to either weekly or monthly payments and enter the date that the first payment will be due.

Step 3 – In the second (2) section enter the date that the entire balance must be paid by. This includes any issued late fees and accrued interest on the balance.

Step 4 – Next, head to the third (3) section of the template and enter the interest rate that borrower will be required to pay if he or she misses a payment by more than fifteen days or defaults on the balance.

Step 5 – Proceed to the sixth (6) section and enter the time frame that is required to pass after a payment due date (that has gone unpaid) before the lender can issue a late fee. Then, enter the amount that the borrower is required to pay for a single late fee.

Step 6 – Next, head to the eighth (8) section and input the number of days needed to pass (after a default has occurred) before the lender can issue acceleration on the balance. This requires the borrower to pay all outstanding debt to the lender immediately.

Step 7 – Go to section seventeen (17) and enter the item that will serve as security for the agreement. Items typically used are homes, vehicles, or boats. However, any physical item can be used as long as it has similar value as to the balance of the note.

Step 8 – At the bottom of the template, enter the current date followed by the printed and signed names of both parties and a witness. Once steps 1-7 have been fully completed and the signatures have been recorded the template will be complete and the borrower will be liable for repaying the lender as described in the agreement.