Alaska Promissory Note Templates

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An Alaska promissory note is a legal document that outlines the terms of money that borrowed, by an individual or entity, for a term and interest rate agreed upon by the parties. In addition, the lender may charge fees for late payment and in the event of default by the borrower. Once the money has been transferred, with the note signed by both parties, the document goes into effect and the borrower will be liable for the payment to the lender.

Usury Rate – For loans less than $25,000, 5% above the 12th Federal Reserve District interest rate on the day the loan was made, or 10%, whichever is greater. If the amount is more than $25,000, there is no maximum rate.

Laws§ 45.45.010

Types (2)

Secured Promissory Note – A promise to pay with the added security of having a property of value to possess in the chance the borrower does not pay the note.

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Unsecured Promissory Note – Not recommended unless the borrower is a person that is a close friend or has a history of great credit. If the borrower refuses to pay the money back to the lender the only recourse would be small claims court ($10,000 or less) or other legal action.

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Usury (Interest) Rate

Under Sec. 45.45.010, the rate of interest in the state is 10.5 percent a year and no more on money after it is due except as provided in (b) of this section. (b) Interest may not be charged by express agreement of the parties in a contract or loan commitment that is more than five percentage points above the annual rate charged member banks for advances by the 12th Federal Reserve District on the day on which the contract or loan commitment is made. A contract or loan commitment in which the principal amount exceeds $25,000 is exempt from the limitation of this subsection.

(Video) What is an Alaska Promissory Note?

How to Write

Step 1 – Begin by downloading the document – Enter the following information:

  • The start date of the document in dd/m/yy format
  • Borrower’s name
  • Mailing address
  • AND
  • Enter the name of the lender
  • Mailing address
  • AND
  • Lender shall enter the principal amount of the loan
  • Enter the annual percentage rate

Step 2 – Payments – Provide the date (in dd/m/yy format) in which the full balance of the loan is due (include any late fees)

Installments – Check the box indicating the mode of repayment:

  • Provide the applicable amount
  • should the repayment be an installment agreement, check the box stating the agreed frequency of repayment
  • The lender shall enter the late fee expected to be paid by the borrower, if the payment is not on time

Step 3 –  Security – Submit

  • The lender will check the box stating the level of security
  • If this loan should be considered “secure,” enter the agreed property that will be provided in order to secure the loan
  • The borrower must carefully review the remainder of this section

Step 4 – Titled Sections – The borrower must carefully read all of the titled sections as follows:

  • Interest Due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A. – Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Select and check the applicable box – (If there shall be a co-signer, check the box. Enter the name of the Co-signer)
  • Execution
  • Governing Law – Enter the state where the note will be governed

Step 5 – Signatures – All signatories must sign in the presence of a witness – Submit the following required information:

  • The Lender’s signature
  • The date of lender’s signature in mm/dd/yyyy format
  • Lender’s printed name
  • AND
  • The Borrower’s signature
  • A date of signature in mm/dd/yyyy format
  • Enter the borrower’s printed name
  • AND
  • Submit the Co-signer’s signature (if any)
  • The date of signature in mm/dd/yyyy format
  • The Co-signer’s printed name
  • AND
  • The Witness must provide their signature
  • Provide a date of signature in mm/dd/yyyy format
  • Witness’ printed name