Indiana Installments Fixed Rate Promissory Note Secured by Residential Real Estate - Indiana 2025

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The document is a Multistate Fixed Rate Note outlining the borrower's promise to repay a specified loan amount with interest through monthly installment payments. It details the terms of payment, including interest rates, prepayment rights, late charges for overdue payments, and consequences of default. Additionally, it includes provisions for notices and obligations of all parties involved, as well as security measures to protect the lender.

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Is a promissory note real property?

Promissory notes are often used for unsecured loans. An unsecured loan isnt backed by collateral, such as real estate. For example, you might use a promissory note if you make an unsecured personal loan to a friend or family member.

How do you secure a promissory note with real property?

Secured promissory notes The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.

What is the security for a promissory note?

Borrowers promise to pay is secured by a mortgage, deed of trust or similar security instrument that is dated the same date as this Note and called the Security Instrument. The Security Instrument protects the Lender from losses, which might result if Borrower defaults under this Note.

What is the difference between a mortgage note and a promissory note?

While many homeowners think theyre paying off the mortgage loan to officially own their home, its actually the promissory note that holds them to the promise. The lender keeps the note until mortgage repayment is complete. And the note gives them the power to foreclose if the homeowner defaults.

What is the statute of limitations on a promissory note in Indiana?

(b) Except as provided in subsection (c), an action upon promissory notes, bills of exchange, or other written contracts for the payment of money executed after August 31, 1982, must be commenced within six (6) years after the cause of action accrues.

indiana promissory note

Sample Promissory Note for installment payment Legal forms promissory note Form of promissory note Loan repayment promissory note How to write a promissory note for a loan How to make promissory note for late payment Letter of promise to pay loan Legal document for repayment of loan

Can promissory notes be backed by collateral?

Secured: A secured promissory note is common in traditional mortgages. It means the borrower backs their loan with collateral. For a mortgage, the collateral is the property. If the borrower fails to pay back their loan, the lender has a legal claim over the asset and, in extreme cases, may foreclose on the property.

Can a promissory note be secured by real property?

The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.