LOUISIANA DEPARTMENT OF PUBLIC SAFETY
OFFICE OF MOTOR VEHICLES
|Section:||III Safety Responsibility Laws||Effective: || 06/17/1998|
To view Louisiana Statutes: http://www.legis.state.la.us/
INSTALLMENT AGREEMENT/PROMISSORY NOTE/GARNISHMENT
R.S. 32:874 A(3)
An installment agreement/promissory note is a written agreement whereby an individual has agreed to make monthly installment payments until all damages, property and/or medical have been paid in full.
A motion of garnishment is a court ordered document whereby a specified sum is automatically deducted from wages to satisfy a creditor, or in the case of accidents, to satisfy property and/or medical damages resulting from the accident.
Completion of the Installment Agreement / Promissory Note form to include:
- Total amount owed
, and terms of agreement.
- Agreement portion must be signed
*and dated by the person agreeing to pay.
- Acceptance portion must be signed
*and dated by the person who is receiving the money.
- Promissory note must include the amount and terms of the agreement, and must be signed by the party making the payments. A letter indicating acceptance must accompany the agreement.
- Signature of two witnesses in the agreement portion and in the acceptance portion, or notarized.
Installment Agreement (R 0409)