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Anatomy Of The Collections Process:  An Overview With Efficiency Tips From A Seasoned Collections Lawyer

UNSECURED NOTE

Date:[Date]

Maker:  

Payee:  

Place for Payment:

Principal Amount: U.S.

Annual Interest Rate on Unpaid

 Principal from Date of Funding:   percent (%)

Terms of Payment:

Payable in monthly installments of DOLLARS () each, including principal and interest, beginning and continuing on the day of each month thereafter until paid in full.

Annual Interest Rate on Matured,

 Unpaid Amounts: percent (%)

Maker promises to pay to the order of Payee at the place for payment and according to the terms of payment the principal amount plus interest at the rates stated above.  All unpaid amounts shall be due by the final scheduled payment date.

On default in the payment of this Note, it shall become immediately due at the election of Payee.  Maker and each surety, endorser, and guarantor waive all demands for payment, presentations for payment, notices of intention to accelerate maturity, notices of acceleration, protests, and notices of protest.

If this Note is given to an attorney for collection, or if suit is brought for collection, or if it is collected through probate, bankruptcy, or other judicial proceeding, then Maker shall pay Payee reasonable attorney’s fees in addition to other amounts due.  

Nothing in this Note shall authorize the collection of interest in excess of the highest rate allowed by law.

Each Maker is responsible for the entire amount of this Note.The terms Maker and Payee and other nouns and pronouns include the plural if more than one.  The terms Maker and Payee also include their respective heirs, personal represen­tatives, and assigns.

Maker has the right to prepay this Note at any time without penalty.  

Maker hereby releases Payee from any and all claims raised or which could have been raised, known or unknown, arising out of Maker’s dealings with Payee through the date of this Note as well as the services rendered for which this Note constitutes payment.

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