Promissory Note Template Missouri

PROMISSORY NOTE (SECURED/UNSECURED)

Document ID: PN-MO-[YYYY]-[001] Effective Date: [Date] Version: 1.0 Governing Jurisdiction: State of Missouri

LEGAL NOTICE & DISCLAIMER

This document is a template for informational and drafting purposes only and does not constitute formal legal advice or the formation of an attorney-client relationship. Promissory notes in Missouri are governed by the Uniform Commercial Code (UCC) as adopted in Missouri (RSMo Chapter 400). Users should ensure compliance with Missouri usury laws (RSMo § 408.030) and local filing requirements for security interests. Independent legal review is strongly advised.

1. PARTIES

This Promissory Note (the "Note") is made and entered into this [Date] by and between:

BORROWER: [Borrower Full Legal Name], an individual/entity having its principal place of business/residence at [Borrower Address] ("Borrower").

LENDER: [Lender Full Legal Name], an individual/entity having its principal place of business/residence at [Lender Address] ("Lender").

2. PROMISE TO PAY

For value received, the Borrower promises to pay to the Lender the principal sum of [Amount in USD] Dollars ($[0.00]), together with interest on the unpaid principal balance at the rate of [Rate]% per annum, calculated on the basis of a 365-day year.

3. REPAYMENT TERMS

The principal and accrued interest shall be payable as follows: (a) Installment Payments: Borrower shall make [Number] monthly payments of $[Amount] beginning on [Date] and continuing on the same day of each month thereafter until [Maturity Date]. (b) Maturity: The entire outstanding balance of principal and accrued interest, if not sooner paid, shall be due and payable in full on [Maturity Date] (the "Maturity Date"). (c) Prepayment: Borrower reserves the right to prepay the principal amount in whole or in part at any time without penalty. Any partial prepayment shall be applied first to accrued interest and then to principal.

4. LATE PAYMENTS AND DEFAULT

(a) Late Charge: If any payment is not received by the Lender within [Number] days after its due date, a late charge of [Percentage]% of the overdue amount shall be assessed. (b) Events of Default: The occurrence of any of the following shall constitute an "Event of Default": (i) failure to pay any amount due under this Note within [Number] days of the due date; (ii) the insolvency of Borrower; or (iii) the filing of any bankruptcy or insolvency proceedings by or against the Borrower. (c) Acceleration: Upon the occurrence of an Event of Default, the Lender may, at its option, declare the entire unpaid principal balance and all accrued interest immediately due and payable without further notice or demand.

5. COSTS OF COLLECTION

In the event this Note is placed in the hands of an attorney for collection, or if it is collected through any legal proceeding, the Borrower agrees to pay all reasonable attorney fees and court costs incurred by the Lender in connection therewith, to the extent permitted by Missouri law.

6. GOVERNING LAW AND VENUE

This Note shall be governed by, construed, and enforced in accordance with the laws of the State of Missouri. Any legal action or proceeding arising under this Note shall be brought exclusively in the courts of [County Name] County, Missouri, and the parties hereby consent to the personal jurisdiction and venue of such courts.

7. WAIVER

Borrower waives presentment for payment, notice of dishonor, protest, and notice of protest. No delay or omission by the Lender in exercising any right or remedy hereunder shall operate as a waiver of such right or remedy.

8. ENTIRE AGREEMENT

This Note constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior discussions, understandings, or agreements, whether oral or written. This Note may only be amended by a written instrument signed by both the Borrower and the Lender.

EXECUTION AND SIGNATURE BLOCKS

FOR LENDER: Signature: _____________________________________ Printed Name: [Authorized Signatory Name] Title: [Title / Role] Date: [Date]

FOR BORROWER: Signature: _____________________________________ Printed Name: [Authorized Signatory Name] Title: [Title / Role] Date: [Date]

STEP-BY-STEP EXECUTION AND FILING GUIDE

1. Customization: Open the text in your word processor. Use the "Find and Replace" function to replace all bracketed text (e.g., [Amount in USD]) with specific transaction data.
2. Usury Verification: Ensure the interest rate (Section 2) does not exceed the Missouri statutory limits. Per RSMo § 408.030, check current ceilings for non-financial institution loans.
3. Security Interest (Optional): If this loan is intended to be secured by collateral (e.g., real estate or equipment), this Note must be accompanied by a separate Security Agreement or Deed of Trust (if real estate) and a UCC-1 Financing Statement must be filed with the Missouri Secretary of State.
4. Signatory Authority: Verify that the person signing on behalf of an entity (LLC, Corp) has the legal authority to bind that entity (e.g., check Articles of Organization or Corporate Resolution).
5. Digital Execution: If using DocuSign or Adobe Sign, ensure you have enabled "Audit Trail" features to capture IP addresses and time stamps for evidentiary support in court.
6. Record Retention: Maintain the original wet-ink or cryptographically signed PDF in a secure, fireproof location. Retain a digital copy for at least 7 years following the final payment.