A Nevada promissory note is a document that formalizes the loan process by documenting the borrower’s commitment to repay the loaned amount plus interest by a set date, with signatures from all parties for legal validation.
Although less detailed than a loan agreement and seldom used by banks, it legally binds the borrower, allowing the lender to sue if repayment terms are breached, and may include co-signers or collateral for added security.
Laws: Promissory notes fall under Nevada Revised Statutes Chapter 99.
Statute of Limitations: Six years ( §104.3118 ).
Allows the lender to keep a valuable asset if the borrower does not fulfill the loan repayment terms.
Often accessible to those with good credit or close contacts, this choice doesn't require collateral.
The promissory note must adhere to Nevada’s usury laws as outlined in Chapter 99:
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