Promissory Note In Lieu of Open Account Debt



Promissory Note In Lieu of Open Account Debt :




This letter should be typed in the official letter-head of the company.

FOR VALUE RECEIVED, the undersigned promise to pay to the order of XXXXX the sum of [$XXXX] Dollars, together with interest thereon at the rate of XX% per annum on the unpaid balance.


Said principal and interest shall be payable in the manner following:


[Describe terms] The undersigned may prepay this note without penalty. In the event any payment due hereunder is not paid when due, the entire balance shall be immediately due upon demand of any holder. Upon default, the undersigned shall pay all reasonable attorney fees and costs necessary for the collection of this note.


This note is executed to evidence a certain existing indebtedness due the payee from the undersigned relative to a certain open account balance as of this date, and this note shall not be construed as a separate obligation.


Signed under seal this _ day of _, 19_.


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Promissory Note In Lieu of Open Account Debt
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