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Alaska Promissory Note Template

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An Alaska promissory note is an agreement that contractually obligates a borrower to reimburse a lender for money loaned by a specific date. Promissory notes are often viewed as falling somewhere between an IOU and a loan agreement; it is a legal document that must be adhered to but it lacks the complexity and length of an official loan contract. While a loan agreement establishes specific default provisions, a promissory note does not. However, a lender is still within their legal right to file a lawsuit against a borrower if they breach the terms of a promissory note. A promissory note includes the amount of the loan, the interest rate, the due date, the installment plan, and any late fees.

Types (2)

Secured Promissory Note – Contains many of the same terms and conditions as the unsecured note, but differs in that the borrower is required to provide an asset to the lender at the start of the contract.

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Unsecured Promissory Note – Does not require the borrower to provide the lender with an asset (such as a home or car) as collateral for the loan.

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