Promissory Note in North Dakota

A written promise to repay a personal loan, with the amount, interest and payment schedule. States limit how much interest a lender can charge; check your state's rules below before you set the rate.

What North Dakota law says

Maximum interest rate (usury limit)	The legal rate when no rate is agreed is 6% a year; a different rate must be agreed in writing and may not exceed the usury ceiling. The ceiling is 5.5 percentage points above the average six-month U.S. Treasury bill rate for the prior six months, as declared monthly by the state banking commissioner, but never less than 7%; interest may not be compounded. The cap does not apply to loans over $35,000, loans to business entities, or loans by regulated lenders. A usurious lender forfeits all interest plus 25% of the principal, and charging usury is a class B misdemeanor. The ceiling changes monthly as declared by the state banking commissioner. Source: N.D.C.C. §§ 47-14-05, 47-14-09, 47-14-10, 47-14-11
Time limit to sue on a written contract	6 years for an action on a contract, obligation or liability, express or implied. North Dakota uses the same period for written and oral contracts. Source: N.D.C.C. 28-01-16(1)

Maximum interest rate (usury limit)

The legal rate when no rate is agreed is 6% a year; a different rate must be agreed in writing and may not exceed the usury ceiling. The ceiling is 5.5 percentage points above the average six-month U.S. Treasury bill rate for the prior six months, as declared monthly by the state banking commissioner, but never less than 7%; interest may not be compounded. The cap does not apply to loans over $35,000, loans to business entities, or loans by regulated lenders. A usurious lender forfeits all interest plus 25% of the principal, and charging usury is a class B misdemeanor.

The ceiling changes monthly as declared by the state banking commissioner.

Source: N.D.C.C. §§ 47-14-05, 47-14-09, 47-14-10, 47-14-11

Time limit to sue on a written contract

6 years for an action on a contract, obligation or liability, express or implied. North Dakota uses the same period for written and oral contracts.

Source: N.D.C.C. 28-01-16(1)

Fill it in

Nothing you type leaves your browser. Replace anything still highlighted, and keep a signed copy.

PROMISSORY NOTE

Amount: $[principal amount] Date: [date] Place: [city, state]

For value received, [borrower name], of [borrower address] ("Borrower"), promises to pay [lender name], of [lender address] ("Lender"), the sum of $[principal amount], with interest at [rate]% per year.

Payments: [e.g. $[amount] per month starting [date] until paid in full / one payment of the full amount on [due date]].

Late payment: [late fee or 'none']. Prepayment: Borrower may prepay all or part at any time without penalty.

If Borrower misses a payment for [number] days, Lender may [declare the full balance due].

Borrower signature: ____________________ Date: [date]

[Co-signer signature, if any] [Notary acknowledgment, if you choose to use one]

Promissory Note for other states · North Dakota tenant rights

General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.