Christopher S. Mulvaney,

Attorney and Counselor-at-Law

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THIS WEBSITE INCLUDES GENERAL INFORMATION & THE OPINIONS OF CHRISTOPHER S. MULVANEY. IT IS INTENDED TO STIMULATE A BASIS FOR QUESTIONS RELATED TO YOUR PARTICULAR FACTUAL CIRCUMSTANCES — BEFORE YOU ACT.  THIS WEBSITE DOES NOT CONSTITUTE LEGAL ADVICE. IF YOU WANT LEGAL ADVICE, PLEASE MAKE A ZOOM APPOINTMENT TO SPEAK WITH ME.

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Gonzaga University School of Law – Spokane, Washington – Class of 2002 – Cum Laude The Latin phrase “Deo patriae, scientiis, artibus” translates to “For God and country through sciences and arts”.  The initials A.M.D.G. on the seal of Gonzaga Law School stand for Ad Majorem Dei Gloriam, which is Latin for “For the Greater Glory of God” the Motto of the Society of Jesus (Jesuits): a Catholic religious order founded by St. Ignatius of Loyola.

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“If you can learn a simple trick, Scout, you’ll get along better with all kinds of folks. You never really understand a person until you consider things from his point of view…until you climb into his skin and walk around in it.”
-Atticus Finch, in Harper Lee’s To Kill a Mockingbird

A Promissory Note all by itself is a naked promise to pay a certain amount of money to a certain person at a certain time with a certain interest rate. Naked means no security. If the person doesn’t pay, then you have to sue them, get a Judgment, and then Garnish 25% of Net Pay or attach a bank account or put a lien on their property that you cannot foreclose. You simply have to wait for the person to refinance or sell. The debtor who owes the money can file Chapter 7 bankruptcy if eligible and you as their creditor will be permanently foreclosed from collection of the debt.

A Promissory Note does not need to be Notarized.

A promissory note is a legally binding written promise from one party (the borrower or maker) to pay a specific amount of money to another party (the lender or payee). It’s essentially a formal IOU that outlines the terms of a loan agreement. 

Think of it as a contract that spells out the details of the borrowing and repayment, ensuring both parties understand their obligations. 

Here’s what a promissory note typically includes:

• Identification of Parties: Names and contact information of both the borrower and lender.
• Loan Details: The amount of money borrowed (principal), the interest rate (if applicable), and the repayment terms, including the payment schedule and maturity date.
• Security/Collateral (if applicable): Description of any assets pledged to secure the loan, which the lender can claim if the borrower defaults.
• Default Terms: Conditions that constitute a loan default and penalties for late payments.
• Signatures: Both parties must sign and date the document for it to be legally binding. 

Why are promissory notes important?

• Legal Protection: They provide a legal framework for the loan, making it enforceable in court if necessary.
• Clarity and Transparency: They clearly outline the terms and conditions, minimizing potential disputes and misunderstandings.
• Formalizes Informal Agreements: Even for loans between friends or family, a promissory note can add a layer of formality and help maintain the relationship by setting clear expectations. 

When are promissory notes used?

Promissory notes are common in various lending scenarios, including:

• Mortgage loans: To document the borrower’s promise to repay their home loan.
• Student loans: To acknowledge the agreement to repay the borrowed funds for education.
• Personal loans: To formalize loans between individuals, including friends and family.
• Business financing: To secure funding from investors or for short-term business needs. 

In summary, a promissory note is a fundamental document in the world of finance, ensuring that loans are properly documented and that borrowers are legally obligated to fulfill their promise of repayment. 

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Washington State residents can meet with me in Zoom/DocuSign from anywhere in the world, and I can notarize their electronic signatures because I am a remote online notary.  Just email me an image of your photo ID.

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