Not a blank template - your details are filled in, formatted to Mississippi law, and ready to sign.
Create a legally proper Secured Promissory Note for Mississippi that incorporates all required terms under Mississippi promissory note law. Fill in your loan details and download your completed, ready-to-sign Secured Promissory Note as a professional PDF.
Mississippi law governs promissory notes with specific usury limits and enforcement rules that protects both lending party and debtor. The usury limit in Mississippi is 10% or 5% above Federal Reserve rate. Lenders have 3 years to file suit to collect on a promissory note in Mississippi. Mississippi law requires 4 specific elements in a valid promissory note.
Mississippi Promissory Note Requirements
Max Interest Rate10%
Rate Details10% or 5% above Federal Reserve rate
Usury PenaltyForfeiture of all interest
Statute of Limitations3 years
NotarizationRecommended
WitnessesRecommended (1)
Governing AgencyMississippi Circuit Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable
What to Include in a Mississippi Secured Promissory Note
Every Secured Promissory Note in Mississippi should include the following critical provisions: the full legal names and addresses of both the lender and obligor, the principal loan amount, the interest rate (which must not exceed 10% or 5% above Federal Reserve rate under Mississippi law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause. Because this is a secured promissory note, you must also describe the collateral in detail, including how it will be valued and the lender's right to seize it upon default.
Mississippi requires the following elements in a valid promissory note: written agreement signed by borrower, detailed collateral description, interest rate disclosure, lien filing if applicable.
How to Complete a Mississippi Secured Promissory Note
To complete a Secured Promissory Note in Mississippi, start by gathering the necessary information: the full legal names and addresses of both parties, the loan amount, the agreed-upon interest rate (must be at or below 10% or 5% above Federal Reserve rate in Mississippi), the repayment terms, and any collateral details if applicable.
Our platform walks you through each section with a guided form tailored to Mississippi requirements. Once you have filled in all details, you can preview the document, choose from five professional document styles, and download your completed Secured Promissory Note as a PDF.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Mississippi?
Mississippi caps interest at 10% or 5% above Federal Reserve rate. Charging above the legal limit is usury - in Mississippi, the penalty is: forfeiture of all interest. Always confirm the current rate with an attorney, as usury laws can change.
Do I need a notary for a promissory note in Mississippi?
Notarization is not required in Mississippi for a promissory note to be legally valid. Notarizing it anyway is strongly recommended - it deters forgery claims, simplifies court enforcement, and makes the note self-authenticating as evidence. Having 1 witness is also recommended.
What happens if a borrower defaults on a promissory note in Mississippi?
Upon default, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and file suit in Mississippi court. As a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 3 years from the date of default to file a lawsuit under Mississippi's statute of limitations for written contracts.
What collateral can be used for a secured promissory note in Mississippi?
Common collateral for secured promissory notes includes real estate, vehicles, equipment, bank accounts, or valuable personal property. The collateral must be described in detail in the note - make, model, serial number, or legal property description depending on the asset type. The lender's right to seize and sell the collateral upon default must also be clearly stated. For real estate collateral, a separate deed of trust or mortgage is typically also required.
What is the difference between a secured and unsecured promissory note?
A secured promissory note is backed by collateral - if the borrower defaults, the lender can seize the collateral to recover the debt. An unsecured note relies solely on the borrower's promise to repay; the lender must sue and obtain a judgment to collect. Secured notes carry less risk for the lender and typically carry lower interest rates as a result.
What must be included in a Mississippi Secured Promissory Note?
A valid Secured Promissory Note in Mississippi must include: Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable. Our platform automatically includes all required elements formatted to Mississippi standards.
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