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Minnesota Promissory Note Templates

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The Minnesota promissory note templates have been specifically designed for transactions involving the lending of a monetary balance between two parties. The template helps to ensure that the lender of the balance is reimbursed the full amount of the note plus accumulated interest. To ensure the legality of the agreement, both parties should ensure a legal interest rate (also called a usury rate) is selected by checking out the Usury Rate section at the bottom of this page.

Types

Secured Promissory Note – This version of the note includes a section on security. This sets aside a possession of the borrower (typically a home, vehicle, or boat) that is used to help cover the cost of the loaned balance in the case of a default.

Unsecured Promissory Note – This version does not include security, meaning the lender is at a far greater financial risk. We recommend the lender only work with family, close friends, or those with a worthy credit score to help lessen the risk.

Usury Rate

The legal interest rate in Minnesota if not otherwise agreed to is 6% per year. Parties may not contract for a rate more than 8% per year unless the amount loaned is over $100,000. M.S.A. § 334.01

How to Write

Step 1 – Begin by downloading the Michigan note document –Submit:

  • Document’s start date – mm/dd/yyyy
  • Borrower’s name
  • Mailing address
  • AND
  • Lender’s name
  • Mailing address
  • AND
  • The full sum of the principal of the note
  • Provide the unpaid sum of the annual percentage rate

Step 2 – Payments – Enter the following:

  • The balance of the note that is payable in full, by the due date
  • The amount of all (if any); late fees and all accrued interest

Installments –

Check the box next to the preferred method of payment – Enter:

  • The total amount that payable in full by the due date
  • The principal of the note
  • Check the box to indicate the preferred payment frequency
  • Submit the required late payment fee

Step 3 – Security-

  • Check the box stating the type of the note
  • If the document requires that the note would be“secured,” submit a description of the agreed property to serve as security to the note

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A.)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Submit a Co-signer’s name (if any)
  • Execution
  • Governing Law – (shall be governed by the laws of the state of Minnesota)

Step 5 – Signatures – Enter signatures before a witness –

  • Lender’s signature
  • Date of signature – in mm/dd/yyyy format
  • Print name
  • AND
  • Borrower’s signature
  • Date of signature – in mm/dd/yyyy format
  • Print name
  • AND
  • Co-signer’s signature (if required)
  • Date of signature in dd/mm/yyyy format
  • Print name
  • AND
  • Enter the Witness’ signature (one all signatures have been witnesses)
  • Date of witness’ signature in mm/dd/yyyy format
  • Print name


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