We all make or take out loans for personal or business reasons. A Promissory Note is evidence of our loan transactions. If you are the lender of a loan, you must decide where to safeguard these promissory notes so you can refer to them whenever needed. These are important physical documents that must be stored in a safe place.
However, it never fails that a promissory note is lost or destroyed. This is when an Affidavit of Lost Promissory Note must be utilized.
An Affidavit of Lost Promissory Note is implemented when the original promissory note is lost by the holder. The Affidavit of Lost Promissory Note provides a description of the contents contained in the original promissory note and the balance due on the promissory note at the time it was lost.
Information needed on an Affidavit of Lost Promissory Note includes:
• Name and company of the promissory note holder.
• Original amount and date of the promissory note.
• Information about the lost promissory note, stolen promissory note, or destroyed promissory note and the effort to find and destroy the note.
• Payment information on the note. Include monthly, quarterly, or yearly payments and interest.
• Include the date that the promissory note comes due.
• Balance on the promissory note.
• An oath swearing the contents of the Affidavit of Lost Promissory Note are true under penalty of perjury.
An Affidavit of Lost Promissory Note is very important in the prevention of a loss of investment if an unscrupulous individual finds the lost promissory note before it is reported missing. Experts agree that a lender who loses a promissory note can enforce payment of the debt by signing an Affidavit of Lost Promissory Note. But the lender must act as soon as the note is lost or stolen.
An Affidavit of Lost Promissory Note form must be signed in the presence of a notary public.