Promissory Note in South 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 South Dakota law says

Maximum interest rate (usury limit)	Unless another law sets a maximum, South Dakota has no maximum interest rate or usury limit between persons or entities who set the rate by written agreement. Without a written rate, money due on a written instrument, money lent, or a settled account bears interest at the Category F rate, which is 15% a year; under an obligation to pay interest with no rate specified, the maximum is the Category C rate, 12% a year. A rate shown on a bill, statement or invoice may not exceed 18%. Source: SDCL 54-3-1.1, 54-3-4, 54-3-5, 54-3-16
Time limit to sue on a written contract	6 years for an action on a contract, obligation or liability, express or implied. South Dakota uses the same period for written and oral contracts. Source: SDCL 15-2-13(1)

Maximum interest rate (usury limit)

Unless another law sets a maximum, South Dakota has no maximum interest rate or usury limit between persons or entities who set the rate by written agreement. Without a written rate, money due on a written instrument, money lent, or a settled account bears interest at the Category F rate, which is 15% a year; under an obligation to pay interest with no rate specified, the maximum is the Category C rate, 12% a year. A rate shown on a bill, statement or invoice may not exceed 18%.

Source: SDCL 54-3-1.1, 54-3-4, 54-3-5, 54-3-16

Time limit to sue on a written contract

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

Source: SDCL 15-2-13(1)

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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 · South 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.