Louisiana Promissory Note Template

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:

  • the signatories’ data
  • the amount borrowed
  • the interest percentage
  • late payment compensation terms
  • amount of regular payments and the date of providing the refunds

Once the parties place their signatures, the promissory note becomes valid and ensures that both individuals found agreement.

Louisiana Promissory Note Form

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In Louisiana, you can opt for a secured and an unsecured standard.

  • Louisiana Promissory Note (Secured). Secured Promissory Notes contain data about assets that guarantee reimbursement if the borrower fails to repay the amount. As a rule, the borrower engages real property, personal items (like jewelry), motor vehicles, or watercraft.
  • Promissory Note (Unsecured). An Unsecured Promissory type provides no guarantees if the borrower fails to reimburse the funds. It is an unsafe decision on the lender’s part as the borrower doesn’t pledge any property as security against the credit. It is advisable to provide loans to family members or dependable friends.

Louisiana Usury Laws

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.

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Filling Out the Louisiana Promissory Note

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.
Date and principal amount indication section of Louisina promissory note

2. Introduce the Parties

Submit the parties’ names and physical addresses, recognized in the record as the Borrower and the Lender.
Parties introduction section of Louisina promissory note form

3. Determine Interest Rate

Specify the Interest percentage per year. Remember that under Louisiana statutes, the usury rate equals 12%and less.
Interest rate determination section of a Louisina promissory note template

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.
Payment alternative choosing part of Louisiana promissory note document

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.
Payments value determination part of Louisiana document of promissory note

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.
Type definition section of a Louisiana promissory note

7. Specify the Jurisdiction

Enter “Louisiana” in the suggested field.
Jurisdiction specification section of a promissory note form for Louisiana

8. Collect the Parties’ Signatures

Once you have completed the document, the Borrower and the Lender should append their signatures and enter legal names.
Parties signatures section of a document of promissory note for Louisiana

9. Outline the Amortization Schedule

This section is offered as Exhibit A and is optional to complete. Fill out if appropriate under the circumstances.
Amortization schedule part of Louisiana promissory note template

Published: Jan 22, 2021