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Missouri Secured Promissory Note

Create Missouri Secured Promissory Note - $7.99

Not a blank template - your details are filled in, formatted to Missouri law, and ready to sign.

Build a legally proper Secured Promissory Note for Missouri that covers all required terms under Missouri promissory note law. Fill in your loan details and download your completed, ready-to-sign Secured Promissory Note as a professional PDF.

Missouri law governs promissory notes with specific usury limits and enforcement rules that safeguards both creditor and borrowing party. The usury limit in Missouri is 10% maximum. Lenders have 6 years to file suit to collect on a promissory note in Missouri. Missouri law requires 4 specific elements in a valid promissory note.

Missouri Promissory Note Requirements

Max Interest Rate 10%
Rate Details 10% maximum
Usury Penalty Twice the interest paid may be recovered within five years, plus costs and attorney fees (RSMo 408.030)
Statute of Limitations 6 years
Notarization Recommended
Witnesses Recommended (1)
Governing Agency Missouri Circuit Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable

Missouri Secured Promissory Note Signing Checklist

Print this or save it as a PDF and use it at the signing. Review every item before any party puts pen to paper.

Before you sign

  • Both the lender and borrower read the full note before signing.
  • Confirm the principal amount, interest rate, and repayment terms match what was agreed.
  • Confirm any late fee amount and grace period are correct.
  • The lender keeps the original signed note in a safe place.
  • Each party keeps a signed copy for their own records.

Missouri rules to know

  • Keep the interest rate at or below Missouri's usury cap of 10% per year (10% maximum).
  • Notarization is not required in Missouri but is strongly recommended. A notarized note is self-authenticating in court and harder to dispute.
  • 1 witness is recommended in Missouri even though not legally required.
  • In Missouri, the lender has 6 years from the date of default to file suit to collect on the note.

In the note itself

  • Borrower's full legal name and current address.
  • Lender's full legal name and current address.
  • Principal loan amount written out in both numbers and words.
  • Annual interest rate (expressed as a percentage).
  • Maturity date (the date by which the full balance must be repaid).
  • Detailed description of the collateral (make, model, serial number, or legal description for real estate).
  • Late fee amount and grace period, if any.
  • Signatures of both parties (and witnesses if required).
  • Lender's right to seize and sell the collateral upon default.

This checklist is a reference aid only. Consult an attorney for advice specific to your situation. Usury and enforcement rules for Missouri may change; verify current rates before signing.

What to Include in a Missouri Secured Promissory Note

Every Secured Promissory Note in Missouri should include the following essential 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% maximum under Missouri 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.

Missouri 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 Missouri Secured Promissory Note

To complete a Secured Promissory Note in Missouri, 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% maximum in Missouri), the repayment terms, and any collateral details if applicable.

Our platform walks you through each section with a guided form tailored to Missouri 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 Missouri?
Missouri caps interest at 10% maximum. Charging above the legal limit is usury - in Missouri, the penalty is: twice the interest paid may be recovered within five years, plus costs and attorney fees (rsmo 408.030). Always confirm the current rate with an attorney, as usury laws can change.
Do I need a notary for a promissory note in Missouri?
Notarization is not required in Missouri 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 Missouri?
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 Missouri court. As a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 6 years from the date of default to file a lawsuit under Missouri's statute of limitations for written contracts.
What collateral can be used for a secured promissory note in Missouri?
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 Missouri Secured Promissory Note?
A valid Secured Promissory Note in Missouri 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 Missouri standards.
What interest rate is legal for a Missouri promissory note?
Missouri allows private parties to agree to any interest rate in a written contract - there is no general usury cap for written agreements between adults (Mo. Rev. Stat. §408.020). If no rate is specified, 9% per year applies as the default. Consumer loans are subject to specific licensing requirements and rate limits under Missouri's consumer lending laws. For a negotiable promissory note, Missouri applies the Uniform Commercial Code six-year period (Mo. Rev. Stat. 400.3-118); a non-negotiable written instrument can run up to ten years. Criminal usury charges can apply for unconscionable rates.

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