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Kansas Promissory Note Templates

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The Kansas promissory note templates are a set of documents used as a written promise to help protect a lender and ensure his or her loaned money is reimbursed in a timely fashion. It is important that a legal interest rate (usury rate), is selected for the note. To find the usury rate of Kansas, check Kansas Statutes Chapter 16-207 which is described below.

Types

Secured Promissory Note – Protects the lender by requiring the borrower to set aside security, which consists of an item such as a home, vehicle, or boat. In the case of a default on the balance, the lender is granted the items put into security to help cover the cost of the unpaid balance.

Unsecured Promissory Note – Far riskier to the lender than the secured version, the unsecured promissory note does not give the lender security. If a default were to occur, the lender would not have a solid plan for obtaining the money on the note.

Usury Rate

Kansas statutes specify that the legal rate of interest is 10% per annum unless otherwise agreed to in writing. The maximum rate allowed is 15% per annum. Kansas Statutes Chapter 16-207

How to Write

Step 1 – Download the Kansas borrower’s note form – Enter the required information as follows:

  • The start date of the document – (dd/m/yy)
  • The Borrower’s name
  • Mailing address
  • AND
  • the lender’s name
  • Mailing address
  • AND
  • Submit the principal sum of the agreement
  • Submit the amount  of the unpaid annual percentage rate of the agreement

Step 2 – Payments

  • Provide the date on which the full balance of the note will be due. Include all accrued interest as well, any late fees

Installments –

Select the method of payment (check the applicable box) –

  • Submit the total amount that must be paid by the due date
  • If the borrower will pay in installments, check the box
  • Indicate the principal amount, required to be paid by the required due date
  • Check the box indicating payment frequency
  • Enter an amount that is required as the fee for late payment

Step 3 –  Security-

  • Should this be an unsecured loan, check the “unsecured” box
  • If the note is “secured,” submit any information regarding the property offered as security

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A.)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Check the box and submit their name
  • Execution
  • Governing Law – (Governed by the laws of the state of Kansas)

Step 5 – Signatures – Parties are required to sign in the presence of a witness – Each party must submit the following:

  • The Lender’s signature
  • Date of the signature –  in mm/dd/yyyy format
  • Printed name of the lender
  • AND
  • Borrower’s signature
  • Date of signature – in mm/dd/yyyy format
  • Printed name of the borrower
  • AND
  • Co-signer must submit their signature (if any)
  • Date of signature – in dd/mm/yyyy format
  • Printed name of the co-signer (if any)
  • AND
  • Witness’ signature
  • Date of the signature – mm/dd/yyyy
  • Printed name of the witness

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