North Dakota Promissory Note Templates

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Updated January 24, 2022

A North Dakota promissory note templates are documents used for money-lending transactions in which a lender has reimbursed a loaned balance plus interest from a borrower in a timely and structured fashion. In addition to the documents detailing the structure of the agreement, the documents can also be used in a court of law once all required signatures have been recorded on the template.

Usury Rate – For written contracts for loans less than $35,000, the maximum rate is 5.5% above the current maturity rate of Treasury Bills for the six months preceding the issuing of the loan, or 7%, whichever is greater.

LawsN.D. Cent. Code § 47-14-09

Types (2)

Secured Promissory Note – The secured version requires the borrower to set aside an item that is roughly similar in value to the amount of the balance. If the borrower cannot make payments on the balance, the item in security will be given to the lender to help cover the unpaid balance.

Download: Adobe PDFMS Word (.docx)OpenDocument



Unsecured Promissory Note – The unsecured version does not include security. This adds a considerable amount of risk to the transaction for the lender as he or she would need to rely on taking the borrower to a small claims court to recover the unpaid balance.

Download: Adobe PDFMS Word (.docx)OpenDocument



Usury Rate

In North Dakota, an interest rate may not be charged that is greater “than five and one-half percent per annum higher than the current cost of money as reflected by the average rate of interest payable on United States treasury bills maturing in six months in effect for North Dakota for the six months immediately preceding the month in which the transaction occurs, as computed and declared on the last day of each month by the state banking commissioner, but that in any event, the maximum allowable interest rate ceiling may not be less than seven percent…” ND ST 47-14-09

(Video) What is a North Dakota Promissory Note?

How to Write

Step 1 – Begin by downloading a North Dakota note document –

  • Submit the start date of the note agreement in mm/dd/yyyy format
  • Enter the Borrower’s name
  • Enter their mailing address
  • AND
  • Enter the Lender’s name
  • Their mailing address
  • AND
  • Provide the note’s sum of the principal
  • Provide the remaining amount of the annual percentage rate (APR)

Step 2 – Payments –

  • Enter the total sum of the note, that’s payable by the stated due date
  • Include accrued interest and late fees

Installments – Check the preferred payment method

  • Submit the total sum of the note agreement
  • Provide the principal sum of the note
  • Select payment frequency and check the preceding box
  • Provide the amount due with payment required for late payments

Step 3 – Security –

  • Check the box to indicate the type of selected note
  • If the note will be“secured,” describe the property

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A.- Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Enter the Co-signer’s name
  • Execution
  • Governing Law – (North Dakota State Law)

Step 5 – Signatures –

  • Lender’s signature
  • Signature dated – mm/dd/yyyy
  • Print lender’s name
  • AND
  • Provide the borrower’s signature
  • Signature dated – mm/dd/yyyy format
  • Print borrower’s name
  • AND
  • Co -Signer’s signature
  • Signature dated in mm/dd/yyyy format
  • Print Co – signer’s name
  • AND
  • Signature of Witness – mm/dd/yyyy
  • Print name