Can an allonge to a promissory note states different terms from the original?

Full question:

Can you attach an allonge to an existing promissory note that states different terms from the original note?

  • Category: Documents
  • Subcategory: Allonage
  • Date:
  • State: Colorado

Answer:

An allonage is an attachment  to an instrument where the original instrument did not have sufficient space for what needs to be provided. See https://definitions.uslegal.com/a/allonge/

If you attach provisions to an existing Promissory Note it may be considered an addendum or amendment. If the parties all sign the allonage or addendum and the terms are not consistent with the provisions of the original note the attachment should state that the terms of the allonage controls if that is the intent of the parties. 

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

A promissory note is legally binding when it includes essential elements such as the names of the parties, a clear promise to pay a specific amount, the terms of repayment, and the signature of the maker. Additionally, consideration, or something of value exchanged, is necessary for enforceability. If these elements are present, the note can be enforced in a court of law.