New York

Commercial Promissory Note (NY)

This form provides four different forms of a promissory note, which is a binding legal contract. As with all contracts, something of value is exchanged between two parties. In this case, the borrower receives money. The lender receives a promise to repay the money -- usually with interest -- at specified dates. If the borrower doesn't meet the repayment terms, the lender can sue and get a judgment against the borrower for the amount owed plus court costs and possibly lawyers' fees. With a judgment in hand, the lender can then collect the money owed from the borrower's bank accounts and other assets.

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Commercial Promissory Note (Guidance Notes)