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Washington Secured Promissory Note

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

Washington law governs promissory notes with specific usury limits and enforcement rules that shields both lending party and debtor. The usury limit in Washington is 12% or 4% above T-bill rate. Lenders have 6 years to file suit to collect on a promissory note in Washington. Washington law requires 4 specific elements in a valid promissory note.

Washington Promissory Note Requirements

Max Interest Rate 12%
Rate Details 12% or 4% above T-bill rate
Usury Penalty Forfeiture of all interest; double penalty
Statute of Limitations 6 years
Notarization Recommended
Witnesses Recommended (1)
Governing Agency Washington Superior Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable

What to Include in a Washington Secured Promissory Note

Every Secured Promissory Note in Washington should include the following necessary provisions: the full legal names and addresses of both the lender and obligor, the principal loan amount, the interest rate (which must not exceed 12% or 4% above T-bill rate under Washington 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.

Washington 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 Washington Secured Promissory Note

To complete a Secured Promissory Note in Washington, 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 12% or 4% above T-bill rate in Washington), the repayment terms, and any collateral details if applicable.

Our platform walks you through each section with a guided form tailored to Washington 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

Is a promissory note legally binding in Washington?
Yes. A properly executed promissory note is a legally enforceable contract in Washington. To be binding, it must identify both parties, state the loan amount and repayment terms, and be signed by the borrower. While notarization is not required in Washington, it is recommended to add an extra layer of authenticity. Lenders have 6 years to pursue legal action to collect on a defaulted note.
What is the maximum interest rate for a promissory note in Washington?
Washington imposes a usury limit of 12% or 4% above T-bill rate. Charging interest above the legal limit is considered usury and can result in penalties — in Washington, the consequence is: forfeiture of all interest; double penalty.
Do I need a notary for a promissory note in Washington?
Notarization is not required for a promissory note to be legally valid in Washington. However, notarizing the document is strongly recommended — it deters forgery claims, simplifies enforcement in court, and makes the note self-authenticating as evidence. Having 1 witness is also recommended.
What happens if the borrower defaults on a promissory note in Washington?
If the borrower defaults, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and pursue legal action in Washington court. Because this is 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 Washington's statute of limitations for written contracts.
What must be included in a Washington Secured Promissory Note?
A valid Secured Promissory Note in Washington must include: Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable. Our platform automatically includes all required elements for Washington in your generated document, formatted to meet state standards.

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