Wyoming Promissory Note Templates

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A Wyoming promissory note is a beneficial tool for small and personal loans. You can use a secured or unsecured system depending on the relationship between the borrower and lender.

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1 Wyoming Secured Wyoming Promissory Note
2 Wyoming Unsecured Wyoming Promissory Note
3 FAQs

In some cases, the lender may want extra security, but an unsecured promissory note is another option. Consider the two types before selecting the right promissory note Wyoming form.

Wyoming Secured Wyoming Promissory Note

A secured Wyoming promissory note is a useful tool for a variety of loans and personal debts. You can attach an asset to the promissory note, so the lender can collect something even if the borrower doesn’t pay.

Wyoming Secured Promissory Note - Templates.Legal
Word ODT PDF

The promissory note should consist of details regarding the due date for the payment, and it should include information regarding the asset in question. Both parties can read through the secured promissory note Wyoming form and agree on the terms.

Secured promissory notes are especially useful for younger borrowers and others without a good credit score. The asset can provide more security to the lender since they can receive something even if it is not cash.

Wyoming Unsecured Wyoming Promissory Note

An unsecured Wyoming promissory note is another option, and it is ideal when there is a sense of trust with the borrower. If the borrower does not pay, the lender will not be able to collect an asset as a form of payment.

Wyoming Unsecured Promissory Note - Templates.Legal
Word ODT PDF

However, an asset isn’t always necessary when the borrower has a good credit history and can make payments on time. It can give both parties a bit of freedom regarding payment, though they should follow the initial agreement.

If you want to use a free Wyoming promissory note, you can view an example. Then, you can get an idea of what to include and how to lay out the terms and agreements.

FAQs

Before you create and finalize a Wyoming promissory note, you should consider a few things. If you have any concerns, now is the time to address them, regardless of if you’re the lender or the borrower.

A Wyoming promissory note expires 10 years after the due date on the note. The borrower must begin making payments before that date, or the lender must start the collections process then.

If neither of those things happens, the promissory note will be past the statute of limitations in Wyoming. In that case, you will have to get a new promissory note to collect payment on any remaining debt.

As long as the statute of limitations is still in effect, you can enforce a Wyoming promissory note in a couple of ways. One of the easiest ways to do this is to talk to the borrower and ask for payment. Some borrowers can simply forget to make their payments.

However, if that does not work, you can take the borrower to court where the promissory note will serve as evidence. The court can then help you collect the money the borrower owes. If you want extra proof, you can have a notary present at the signing.

When you create the promissory note, both parties should agree on the payment method. Ideally, the borrower would send regular payments. In the case of a secured promissory note, the lender can seize the asset until the borrower pays.