A promissory note registers an agreement between a person who borrows the funds and a person who lends the required amount. Following the state customs and laws, a Louisiana promissory note template is specifically tailored for the residents. It contains inherent responsibilities that the wealth will be returned to the lender within the determined interval.
Should you lend any amount of money to a friend, a colleague, or any person you consider dependable, a promissory note is a legal guarantee to protect your funds and get reimbursement.
In Louisiana, the promissory note template should contain the following:
Once the parties place their signatures, the promissory note becomes valid and ensures that both individuals found agreement.
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In Louisiana, you can opt for a secured and an unsecured standard.
Interest rates are regulated by §9:3500 of the Louisiana Revised Statutes and cannot surpass 12% per year. These terms should be included in the promissory note form in a written manner when borrowing from an individual. Credit transactions do not implement these conditions and are regulated by the state Consumer Credit Law.
Louisiana does not provide official promissory documentation. However, if you aim to guarantee that the borrower performs their obligations, the template will be needed. We empower you to use our advanced software and generate a required file. Follow this thoroughly-constructed guide.
1. Insert the Date and the Principal Amount
Start filling out the Note by specifying the amount of money borrowed and the current calendar date.
2. Introduce the Parties
Submit the parties’ names and physical addresses, recognized in the record as the Borrower and the Lender.
3. Determine Interest Rate
Specify the Interest percentage per year. Remember that under Louisiana statutes, the usury rate equals 12%and less.
4. Choose the Regular Payment Alternative
The parties are authorized to pick a preferable alternative defining the algorithm of how the Borrower will render reimbursement—monthly payments or refunds by quarters.
5. Determine the Value of Regular Payments
Pick one alternative specifying the amount of each payment. Below that, identify the “Maturity Date” and enter the information.
6. Define the Type of the Promissory Note
Here, you should indicate whether this Promissory Note is secured or unsecured. Check the preferable box. Should you choose the secured type of document, please, identify the assets (Collateral) that ensure the performance of obligations.
After reading the information on assets management, proceed to the next step.
7. Specify the Jurisdiction
Enter “Louisiana” in the suggested field.
8. Collect the Parties’ Signatures
Once you have completed the document, the Borrower and the Lender should append their signatures and enter legal names.
9. Outline the Amortization Schedule
This section is offered as Exhibit A and is optional to complete. Fill out if appropriate under the circumstances.