The Minnesota Promissory Note Template is meant to be completed when two individuals have agreed upon lending and borrowing a definite amount of money. It serves as a guarantee that the debt will be compensated together with the accumulated interest. The principal of the Note is paid as follows:
According to the state Minnesota law (Section 334.01), the legal usury rate for indebtedness is 6% unless different conditions have been provided in the contract. If the loaned sum does not exceed 100,000 US dollars, the interest must not be higher than 8%. The lender may be paid in money, goods, or things in action.
If the debtor has lent more than 100,000 US dollars, the loan interest rate can be higher than 8%.
The promissory note template is available online and will require submitting the following data:
You may use our form-building software and create your own customized Minnesota Promissory Note Template. To ensure the best result, follow our step-by-step guidelines:
The first section of the paper requires the date both parties append their signatures and the amount of money loaned indicated in US dollars.
The lender and the borrower have to write down their names and residential addresses. The interest rate negotiated before signing the form has to be stated herein, too.
The owed money is usually transmitted monthly or quarterly (choose the option appropriate for both parties). If the payment is delivered in parts, input the amount the lender accepts to receive at a time. Attach the amortization schedule if applicable and write down the number of years you expect the loan to be compensated in. The Maturity Date, being the last day for the payment to be provided in full, should also be indicated.
The document may be either secured or unsecured. Suppose the borrower executes the Note as secured. In that case, they will be responsible for transferring ownership and possession of the designated property if they fail to pay for the indebtedness (as well as provide the usury rate and the late fees) before or on the Due Date.
The form is governed by the state you reside in (or where the document is being executed).
The document should be witnessed by a competent adult. Both parties need to provide their titles and full names.