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A promissory note is used when one party, the issuer, is making a "promise" to pay a certain amount of money to another party, known as the payee.

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This Lease Agreement is legally binding in Illinois according to your state's specific rules and regulations.

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Illinois Promissory Note: What Is It?

An Illinois promissory note is a legally binding document between two people. One person has given the other person a loan or has agreed to sell something and take payments on it. An Illinois promissory note should list the total amount of the loan, the amount of the payments, when payments are due, and what will happen if the debtor defaults. In some instances, an Illinois promissory note can be used in court to collect on a debt up to ten years after it was written.

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