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New Mexico Secured Promissory Note Template

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The New Mexico secured promissory note brings two parties planning on engaging in a money-loaning activity together to come to terms on the various points of the agreement. Once all points have been completed by the parties and everyone’s signatures have been written on the document, the agreement will go into full effect and the borrower will be legally obliged to make payments to the lender.

How to Write

Step 1 – On the first page of the first document enter all required information into the empty text boxes. Ensure you enter a legal interest rate for the state of New Mexico by not going over the legal maximum found at the NM ST § 56-8-3.

Step 2 – Head to the first (1) section of the template. Here you will select one of three potential payment methods that the borrower will be required to follow. The options consist of:

  • No Installments – Borrower makes a single lump sum payment consisting of both the original balance plus accrued interest.
  • Installments – Borrower makes consistent weekly or monthly payments to the lender.
  • Interest Only Payments – Borrower makes weekly or monthly payments that consist of interest only.

[Note: If an installment type option was selected, check the box next to either weekly or monthly payments and enter the date the first payment will be due]

Step 3 – For the second (2) and third (3) sections, begin by entering the date that the entire balance (including accrued interest and any issued late fees) will be due by. Next, enter the legal interest rate that will go into effect if the borrower goes into default on the balance.

Step 4 – Heading to the sixth (6) section, enter how many days need to pass after a payment due date before the lender can issue a late fee. In next text box, enter the dollar cost of a single late fee.

Step 5 – Proceeding to section eight (8), enter the required time span needed to pass after a default has occurred before the lender can issue an acceleration. An acceleration requires the borrower to pay all outstanding debt immediately.

Step 6 – Head to section seventeen (17) and enter the item that will be used as security for the transaction. This typically consists as a home, vehicle, or boat. As long as the item can cover a large portion of the loaned balance, then it can be used.

Step 7 – To complete the agreement and put it into full effect, the current date must be entered on the last page followed by the signatures of the lender, borrower, and witness.

 


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