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Vermont Promissory Note Template

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A Vermont promissory note is a contract between a lender and borrower by which the borrower is lent a sum of money with conditions of repayment. If the borrower doesn’t repay the lender on time with the requisite interest, they may need to pay further interest charges, late fees, or face legal action. This type of loan contract is more typically used when loaning money between individuals who are familiar with each other and primarily acts as a record of the loan and its due date.

In Vermont, when a promissory note with annual interest becomes past due, the amount of accrued interest will accumulate simple interest until the total balance is paid. However, any payments made during the first year that annual interest began to accrue, will be applied with interest to settle the balance of the loan’s simple interest, annual interest, and principal, in that order (§ 49).

Types

Secured Promissory Note – A loan agreement with collateral provided as security on repayment.

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