West Virginia Promissory Note Templates

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A West Virginia promissory note is a useful tool for stating the terms of a loan or another type of debt. Both parties can agree on the terms of the loan, from the loan balance to making payments.

West Virginia does have some restrictions on changing promissory notes after their creation. In most cases, you will need approval from both parties. Consider which promissory note West Virginia form is best for you.

West Virginia Secured Promissory Note

A secured West Virginia promissory note can be a good option for collecting on a debt. Secured notes include an asset as collateral for the loan, and the lender can collect the asset if they do not receive payment.

However, there are some restrictions regarding creating and enforcing a secured promissory note in West Virginia. Creating or attaching an asset requires the consent of the borrower, otherwise, the promissory note is considered ineffective.

A secured promissory note can be the best option in some cases, but it’s essential to consider the regulations and rules. Then, both parties can comply with applicable laws.

West Virginia Unsecured Promissory Note

If there is trust between a lender and borrower, the lender may not need an asset to serve as collateral for a loan. An unsecured West Virginia Promissory note can also be useful if the borrower has a good credit history.

These notes follow many of the same regulations as secured notes, but the restrictions on adding assets do not apply. However, it can help to have a credit line deed of trust, which states the provisions of the loan for both parties.

A credit line deed of trust must include information regarding payment dates and amounts, and it should lay out any changes in the loan amount. It can be useful for charging interest on an unsecured West Virginia promissory note.


If you need a free West Virginia promissory note, you may have some questions. Consider these things before selecting the right promissory note West Virginia form.

The statute of limitations in West Virginia is five years. However, there are some exceptions. In cases where one party moves to a different jurisdiction, the promissory note expires after one year.

In the standard case, if the borrower makes a partial payment, they recognize the debt, and the payment date will set the new expiration date.

At first, the lender can attempt to enforce a promissory note by asking the borrower to pay. In cases where the borrower forgets, asking can work well. No further action should be needed, but after payment, the lender may want a payment schedule.

If asking does not work, the lender may take the borrower to small claims court. You can use the promissory note as evidence that the borrower did not pay on time.

Collecting from a West Virginia promissory note can depend on the terms of the loan. When creating a promissory note, it’s important to layout any payment terms and interest rates.

Then, the promissory note can serve as the agreement for both parties. In the case of a secured note, the lender may also be able to take any assets connected to the promissory note.