Mississippi Secured Promissory Note Template

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The Mississippi secured promissory note organizes the major details of a money-loaning transaction between two parties (a lender and borrower). The template helps ensure the borrower is clear on the conditions of the note such as when to make payments, the repercussions of being late on a payment, and the results of defaulting on the note. If the borrower enters into default on the note and cannot recover, the lender is granted to the item(s) put into security to help cover the unpaid balance.

How to Write

Step 1 – To start off the template, look at the top of the first page. Here, enter the current date (day, month, and year), the full names and addresses of both the borrower and lender, the full balance of the note, and the interest rate for the note.

Step 2 – Proceed to the first (1) section of the template. Here, choose the payment type that the borrower will adhere to until the balance is fully paid for. The options consist of the following:

  • No Installments – Borrower makes one single lump sum payment of the original balance plus interest at the final due date.
  • Installments – Borrower makes payments towards the balance in either weekly or monthly increments.
  • Interest Only Payments – Borrower only makes payments of interest until the balance is fully paid for.

At the bottom of the first section, select either weekly or monthly payments, enter when the first payment will be due, and the day of the month (if selected) that the rest of the payments will be made. Note: If you selected the No Installments option, the bottom section does not apply.

Step 3 – For the second (2) and third (3) sections, start by entering the final due date (day, month, and year) for the balance. Then, enter the interest rate that goes into effect if the borrower fails to make a payment within fifteen (15) days or defaults on the balance.

Step 4 – At the sixth (6) section, enter the number of days required to pass after a missed payment before a late fee can be issued. Then, enter the dollar amount of a late fee.

Step 5 – In section eight (8), enter the time span needed to pass after going into default before acceleration can be declared.

Step 6 – Head to the last page of the template. At the seventeenth (17) section, both parties will need to agree on the item or items that will be put into security. Items that are typically used are homes, boats, and vehicles.

To complete the template, enter the current date and have the lender, borrower, and witness print and sign their names in the designated text boxes.