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Maryland Secured Promissory Note Template

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The Maryland secured promissory note puts two parties into a binding ‘promise’ that requires the borrower of a monetary balance to reimburse a lender the original balance plus interest in a timely fashion. To promote timely payments, the lender has the option to issue a late fee if the borrower fails to make a payment a certain amount of days after the due date.

How to Write

Step 1 – Enter the following information at the top of the first page:

  • Current Date
  • Full names and addresses of the Borrower and Lender
  • Full balance of the note
  • Legal interest rate

Step 2 – At the first (1) section, put a check mark next to the payment option that will be followed by the borrower. Two out of the three options utilize installments; if an option with installments is chosen, select either weekly or monthly payments.

Step 3 – In sections two (2) and three (3), enter the date that the entire balance is due by. Also due by this date is any accrued interest and/or late fees. For the third section, enter the interest rate that goes into effect if the borrower is late by fifteen days or more on a payment or enters into default on the balance.

Step 4 – Heading to section six (6), enter the time span required for a late fee as well as the cost of a late fee.

Step 5 – In section eight (8), enter the time span needed to pass after a default on the balance before the lender can issue an acceleration.

Step 6  Now, head to section seventeen (17). Here, enter the item(s) that will be used as security for the note. (Items typically used are homes, boats, and vehicles).

To complete the note and put it into effect, enter the current date. Then, have the lender, borrower, and witness print and sign their full names into the correct boxes on the document.

 

 


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