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Montana Promissory Note Templates

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The Montana promissory note templates are documents used for transactions involving the lending of a monetary balance from one party to another. The template outlines important facets of the transaction such as the interest rate attached to the balance, the penalty(s) that would result from a late payment, and the payment method the borrower will be required to stick to during the course of the agreement. Once both parties have fully agreed on all the terms and conditions written in the template, it is highly recommended that a witness verify the signatures of both parties.

Types

Secured Promissory Note – Includes a section on security, which requires the borrower to set aside an item such as a home, vehicle, or boat that is given to the lender if the borrower is unable to make payments on the balance.

Unsecured Promissory Note – Includes all the major sections found within the secured note with the exception of security. The lender will be at a far greater risk for monetary loss, as the lender is not guaranteed an item from the borrower if a default occurs on the balance.

Usury Rate

The legal rate of interest in Montana is 10% per year. The interest rate may not exceed the greater of 15% per year or 6% per year over the prime rate published by the federal reserve. MT ST 31-1-107

How to Write

Step 1 – Download a copy of the Montana note agreement form – Enter:

  • Document start date in mm/dd/yyyy format
  • Borrower’s name
  • Mailing address
  • AND
  • Lender’ name
  • Mailing address
  • AND
  • Enter the sum of the principal
  • Submit the unpaid sum of the agreed annual percentage rate

Step 2 – Payments – Provide the information as follows:

  • The balance of the note (that is to be paid in full by the due date)
  • Amount of all late fees the accrued interest amount

Installments –Check the selected method of payment – Proceed by submitting:

  • The amount that shall be payable in full
  • The stated amount of the principal of the agreement
  • Select the box indicating the agreed payment frequency
  • The required “late payment” fee amount

Step 3 – Security-

  • Indicate by checking one of the boxes, stating the type of the note that will be used
  • If the document requires that the note would be“secured,” describe the property that shall secure the agreement

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 – Enter Co-signer’s name
  • Execution
  • Governing Law – (under the state laws of of Montana)

Step 5 – Signatures – All signatures must be applied before a witness:

  • Lender’s signature
  • Signature date – mm/dd/yyyy
  • Printed name
  • AND
  • Borrower’s signature
  • Signature date – mm/dd/yyyy format
  • Print name
  • AND
  • Co-signer’s signature (if a cosigner is required)
  •  Signature date – dd/mm/yyyy
  • Printed name
  • AND
  • Witness’ signature (all signatures have been witnessed)
  • Witness’ signature date – in mm/dd/yyyy format
  • Print name


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