Dallas, TX asked in Contracts and Collections for Texas

Q: Does a Promissory Note for a loan stating monthly payment amounts have to state an actual beginning payment date?

The promissory note for a loan states the loan amount, interest rate and that installments of a $$ amount are "to be paid on the 30th day of each and every month thereafter until paid". There is no payment begin or end date on the note. The only date on the note is at the bottom "Executed this ……." When does the interest rate actually begin?

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1 Lawyer Answer
Tammy Lyn Wincott
Tammy Lyn Wincott
Answered
  • San Antonio, TX
  • Licensed in Texas

A: Most likely after the date of execution.

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