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In Ohio, a Promissory Note is a document that functions as an enforceable agreement between two parties: a Borrower and a Lender. Within the template, the Borrower promises to return the money to the Lender either at an agreed time or when requested by the Lender. Use this free simple promissory note template in Ohio when processing and securing a loan.

Promissory Note Ohio Template

Prepared for:

​[Borrower.FirstName][Borrower.LastName]​

​Created by:

​[Lender.FirstName][Lender.LastName]

Image 2

This Promissory Note (the "Note") entered as of (Date), by and between

​[Borrower.FirstName][Borrower.LastName] (the Borrower),

being able to send mail to [Borrower.StreetAddress][Borrower.City][Borrower.State]​ [Borrower.PostalCode], and

​[Lender.FirstName][Lender.LastName] (the Lender),

being able to send mail to [Lender.StreetAddress][Lender.City][Lender.State][Lender.Phone].

The laws of the State of Ohio regulate this Note.

1. Parties Identification

For the purposes of this document, [Borrower.FirstName][Borrower.LastName] will be identified as the "borrower", while [Lender.FirstName][Lender.LastName] will be identified as the "Lender".

The identification of both parties in the promissory note must be complete, although names are usually sufficient. However, you can include additional data, such as an address, telephone number, ID number, etc.

2. Amount of Money Owed

2.1 Promise of payment

The Lender undertakes to make full payment of (Loan.Amount) plus any interest accruing thereon. In doing so, he/she will follow all terms and specifications included in this promissory note.

2.2 Interest included in the debt

Interest. Payment of this debt shall contain the interest indicated above, plus any additional expenses involved in this promissory note (late payments, collateral, etc.). Following the laws of the State of Ohio, the maximum interest will be taken on such debt (LegalInterest.Amount)%.

In addition, if a payment is received, it will first seek to cover the interest accrued on the note and then cover the principal debt.

The Ohio promissory note form sample indicates that the maximum interest rate for a debt of less than $100,000 is 8% per annum. However, both parties may agree to a higher rate if the conditions included in their interest laws are met.

3. Form of Payment

This note will be paid in equal-sized installments in the amount of (Payment.Amount). The first payment will be due on the (Payment.Date) date and will seek to cover (Payment.period) periods consecutively until said debt is satisfied.

Ohio has several methods of payment, e.g., installments, one-time payment before a stipulated time, or payment on demand by the lender. In either of the first two cases, the promissory note must indicate the amount to be paid and the exact date of the payment.

4. Ways to Guarantee the Payment

To guarantee payment to the Lender, the borrower presents this collateral property (CollateralProperty.Description). In the event that payment is not made on the stipulated date or the borrower defaults, this collateral property becomes the full property of the Lender and may be disposed of as payment of the debt.

Collateralized property is one of the most commonly used forms of guarantee on promissory notes in Ohio. However, there are other options, such as additional charges for late payment or accelerated claim clauses.

5. Borrower Signature

​

Signature
MM / DD / YYYY

​[Borrower.FirstName][Borrower.LastName]​

Promissory notes are considered a single-party commitment, so only the borrower’s signature is required for it to become valid. However, it’s advisable to also add the signature of the Lender to give more validity to the document.

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FAQ: Promissory Note Template Ohio

  • A promissory note in Ohio is a simple document in which two parties agree on the terms of a loan. The lender is identified as the Lender and the borrower as the Borrower. In general, the promissory note serves as a promise of payment to be made by the Borrower to the Lender according to the terms stated in the document.

  • A secured promissory note in Ohio is a more reliable method of ensuring that a debt will be repaid. In a promissory note, the borrower agrees to pay the debt or else forfeit property that was pledged as collateral within the document. This property becomes the property of the Lender for his use, enjoyment, or as a method of payment for the debt.

  • Ohio law provides that the statute of limitations for promissory notes is six (6) years. This means that the promissory note will be valid during this period and can be used to claim any delay in the payment of the note. However, if this time elapses and isn’t claimed, it becomes invalid, and the courts won’t entertain such a case.

  • When enforcing a promissory note in Ohio, the first step that must be taken is to file a petition for judgment within the appropriate courts within the state. However, the Lender may also choose to hire professional collection agencies to handle the debt collection process for them.

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Promissory Note Template Ohio

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Ensure a secure investment when lending money to friends or family with a promissory note for Ohio.

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