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Louisiana Promissory Note Templates

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The Louisiana promissory note templates are documents designed specifically for the state of Louisiana and helps to ensure a lender gets reimbursed a loaned amount of money from a borrower in a predetermined set of time. Both parties will need to agree on various aspects of the note before it can go into effect, such as payment types, interest rates, and late fees.

Types

Secured Promissory Note – Includes security, which is an item or items that are given to the lender in the case of a default on the note. Items typically used as security include homes, vehicles, or boats.

Unsecured Promissory Note – Does not include security, which puts the lender at a far greater financial risk. To help combat this, the lender should personally know the borrower and ensure he or she has worthy credit.

Usury Rate

The amount of the conventional interest in Louisiana cannot exceed twelve percent (12%) per annum.

How to Write

Step 1 – Download the Louisiana note – Enter:

  • The document’s start date – in dd/m/yy format
  • Intended Borrower’s name
  • Mailing address
  • AND
  • Intended Lender’s name
  • Mailing address
  • AND
  • Provide the principal sum of the note
  • Submit the amount of the unpaid percentage rate per annum (annually)

Step 2 – Payments

  • Submit the full balance of the note due upon the due date. Include accrued interest and late fees

Installments –

Payment method (check the appropriate box) – Submit:

  • The total amount to be paid in full upon a stated due date
  • Submit the total amount of the principal of the note
  • Indicate payment frequency by checking the applicable box
  • Submit the required late fee amount

Step 3 –  Security-

  • If it’s agreed that this would be an unsecured note, check the “unsecured” box
  • If the agreement is that the note be“secured,” enter information regarding the secured property

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 – Submit the co-signer’s name
  • Execution
  • Governing Law – (Under related Louisiana state laws)

Step 5 – Signatures – Signatures must be applied before a witness – provide the required as follows:

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

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