Uploaded by: Arlene Kuehner at February 13 2018 20:10:59.
Loans are a common part of day to day finance in our society. Some are large loans provided by banks for home buying or education, others are for the purchase of automobiles . But, the most frequently used type of loan is much smaller in size.
A person is a notary public if the state has issued them a license to fulfil such a role. The job of the notary is to ensure no fraud occurs during the official signing of the document. Part of the notarial acts the notary fulfils is to prove the lender and borrower are who they say they are before entering into an agreement. It is another measure that helps protect both parties signing the free loan agreement template.
In a loan agreement template, the amount of the loan is in print. The printed terms prevent future dispute of loan terms. If there is interest on the loan amount, the amount of interest is also part of the documented material. Having the loan amount clear ensures no disagreement about what the borrower receives. The borrower is also clear about repayment expectations. Repayment expectations include the amount of the loan plus interest. It also includes the length of time the borrower must repay the total amount. The time the lender allows for repayment is part of the options the borrower conveys in writing. The timeframe might be days, weeks, months, or years.
There are a number of issues that need to be addressed in order for a lender to enforce its security, such as: The loan agreement must contain a right of enforcement (including detailed provisions regarding when and how a lender can enforce its security). Ideally the enforcement provisions should be tailored to reflect the nature of the secured asset. Then the lender must formally demand repayment. There must be some agreement as to how the lender takes possession of the secured assets (or in some cases, ownership must pass in order for the security to be valid – for example, in the case of a legal mortgage of shares). The loan agreement must contain a power of sale in relation to the secured assets. The security may be invalid unless registered at Companies House and in the borrower’s company registers. If an individual or partnership provides security over chattels, the requirements of the rather arcane Bills of Sale Act (1878) must be complied with. In view of the complexity of taking security, you are advised to take legal advice to ensure that the proposed security is enforceable in the event of default in repayment.
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