Tennessee Promissory Note Templates

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Updated June 13, 2022

A Tennessee promissory note template is a signed promise stating that the borrower of a monetary balance will reimburse the lender of said balance in the time frame established in the template. The parties also agree on the interest rates incorporated into the transaction. It is important that the interest rate chosen is legal in the state of Tennessee; head to the bottom of this page for information regarding legal interest rates.

Usury Rate – The maximum rate is 10% unless otherwise expressed in a written contract.

LawsTenn. Code Ann. § 47-14-103

Types (2)

Secured Promissory Note – Secures the lender’s loaned money by ensuring he or she receives a physical item (from the borrower) in the case of default to help recover the borrower’s unpaid balance.

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Unsecured Promissory Note – This template does not include a section on security. This can result in the lender losing the loaned balance if the borrower defaults on the note and cannot recover. The lender can help remove this risk by screening all potential borrowers and by working with family and friends.

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Usury Rate

Under Tennessee law, the maximum interest rate is 10% per year if it is not in writing. Otherwise, the maximum rate is the applicable formula rate published in the Tennessee Administrative Register on the first of each month. TN ST § 47-14-103 and TN ST § 47-14-105

(Video) What is a Tennessee Promissory Note?

How to Write –

Step 1 – Download the Tennessee note document –

  • Enter the beginning date of the note – dd/m/yy
  • Submit the name of the borrower
  • Borrower’s full mailing address
  • AND
  • Provide the lender’s name
  • Lender’s full mailing address
  • AND
  • Enter the amount of the principal
  • Provide the remaining amount of the annual percentage rate (APR)

Step 2 – Payments – Provide the following:

  • Enter the amount of the note that is required to be paid by the due date
  • Specify the accrued interest on any unpaid balance

Installments – Submit the final due date – dd/m/yy

  • Submit the full amount of the note agreement
  • Enter the principal amount on the note
  • Select the preferred payment frequency and check the appropriate box
  • Submit the amount that will be required of the borrower, for late payments

Step 3 – Security –

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

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (6A – Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Specify the Co-signer’s name (if one is required)
  • Execution
  • Governing Law – (State laws in the state of Tennessee)

Step 5 – Signatures – Submit the following:

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