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Alaska Secured Promissory Note Template

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The Alaska secured promissory note is a signed document between two parties that contains a written promise to pay back the other within a specified time frame. The ‘secured’ part of the promissory note relates to the fact that if the borrower does not pay back the loan by the due date, the lender is guaranteed to receive a previously agreed upon possession(s) such as autos, boats, homes, or other material objects. The maximum allowable interest rate on the note is called the “Usury Rate”. You can find the Usury Rate for Alaska under Sec. 45.45.010.

How to Write

Step 1 – Begin by entering the date of the agreement followed by the names of both the borrower and lender, their addresses, and the dollar amount of the transaction.

Step 2 – For section 1, check the box that corresponds to how the borrower will pay back the lender. If you checked a box that contains installments, proceed by describing how the loan will be paid back to the lender. For the second section enter the date the full payment is due by.

Step 3 – In section 3 enter the interest rate that will result from a default on the note.

Step 4 – Proceeding to section 6, enter the late fee amount the borrower would be required pay to the lender if he or she is late on an installment.

Step 5 – In section 8, enter the amount of days in regards to acceleration.

Step 6 – Going down the form to section 17, enter the security that will be held by the lender. This is an item the borrower is willing to give up in exchange for not being able to pay back the loan.

Step 7 – To complete the form, the lender, borrower, and the witness(s) to the loan must print and sign their name on the document.

 


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