The promissory note, also called promissory, is a type of credit title.
In the promissory note, a person assumes that he owes a certain amount to another, and agrees to pay that amount on a specific date and place.
This title of credit to which the law, through article 585, I, of the Code of Civil Procedure, attributed extrajudicial executive effectiveness, basically consists of a payment promise that depends on two parts to exist:
- Issuer or underwriter: is the debtor; the person responsible for issuing the promissory note.
- Beneficiary or borrower: is the creditor of the outstanding amount; the person who will receive payment of the amount due.
A promissory note is a document that has judicial value, that is, it is recognized by the courts.
When is the promissory note used?
The promissory note is often used in business relationships and also in business.
This document, considered a extrajudicial title, is one of the main means used in loans acquired without banking transactions and without the involvement of financial companies.
The use of the promissory note can also occur, for example, when the loan of a significant amount of money is made between friends, acquaintances or even family members.
Even in these informal situations, the promissory note has a legal character and has a judicial value.
Another very common example of the use of promissory notes is in establishments that sell on credit.
In order to ensure that they will receive the estimated value for the "assigned" goods, the owners of the establishments are in possession of a judicial promise stating the date of receipt of the due payment.
The completed promissory note must always remain in the creditor's possession, being returned to the debtor only after the debt has been settled.
Promissory note types
There are two types of promissory note: promissory note pro-solute and promissory note pro-solving.
Check out what each of them consists of below.
Pro-soluto promissory note
If a business or commercial transaction is made with payments through a pro-soluto promissory note, if the debtor does not fulfill the payment promise, the creditor cannot undo the business.
The resolution of the problem will have to be through a judicial execution of titles.
Promissory note pro-solving
In case a negotiation is made based on payment via a promissory note pro-solvendo, if the debtor does not fulfill the payment promise, the creditor can terminate the contract and sorted out.
How to issue a promissory note?
One of the options for issuing a promissory note is through models available in stationery stores.
Promissory note template for sale in stationery stores
completed promissory note
A second filling option is through the website "Online Promissory Note”.
The advantage of filling out online is that the blank fields themselves intuitively guide you as to how to complete a promissory note.
Then, one copy is generated in Word and the other in PDF. To finish the process, just print the document.
In order to ensure that a promissory note has legal value, it is important to pay attention to its correct completion.
See below some data that cannot be left out:
- Promissory note number.
- Designation "Promissory note" in the title of the document.
- Due date of the promissory note.
- Amount to be paid.
- Location where payment will be made (city and state).
- Beneficiary's name.
- CPF of the beneficiary.
- Name of the issuer.
- CPF of the issuer.
- Full address of issuer.
- Signature of the issuer.
IMPORTANT: the document cannot contain erasures.
What happens if the borrower does not pay the note?
When the issuer disrespects the promise that it defined in the promissory note and does not carry out the payment on the date and at the place defined, the creditor is legally protected to collect such debt in the justice.
As the note is legally recognized, the creditor can file an Extrajudicial Deed Enforcement Action against the debtor.
There must be representation in court by a lawyer (unless the value of the promissory note is less than the equivalent of 20 minimum wages).
In court, if the debtor does not pay the amount due, he may face attachment, appraisal and auction of his assets.
If the note has been issued by a legal entity, it may even be subject to bankruptcy.
See too:
- Duplicate
- Extrajudicial