Promissory Note Template Oklahoma

PROMISSORY NOTE (SECURED/UNSECURED)

Document ID: PN-OK-[YYYYMMDD]-[SERIAL#] Effective Date: [Date] Version: 1.0 Governing Jurisdiction: State of Oklahoma

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LEGAL DISCLAIMER

This document is provided for informational and drafting purposes only and does not constitute formal legal advice or the creation of an attorney-client relationship. Promissory notes are subject to specific provisions under the Oklahoma Uniform Commercial Code (UCC) Title 12A and Oklahoma Statutes Title 14A (Consumer Credit Code). Users should consult with licensed Oklahoma legal counsel to ensure compliance with usury laws, licensing requirements for lenders, and specific perfection requirements if the note is secured by collateral.

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1. PARTIES

This Promissory Note (the "Note") is made and entered into as of the Effective Date by and between:

BORROWER: [Borrower Full Legal Name], an individual/entity with a principal address at [Borrower Address] ("Borrower").

LENDER: [Lender Full Legal Name], an individual/entity with a principal address at [Lender Address] ("Lender").

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2. PRINCIPAL AMOUNT AND TERMS

2.1 Principal Sum. Borrower promises to pay to the order of Lender the principal sum of [Amount in USD] Dollars ($[Amount]), together with interest on the unpaid principal balance at the rate of [Rate]% per annum (the "Interest Rate").

2.2 Repayment Schedule. The principal and accrued interest shall be payable in [Number] monthly installments of $[Amount], commencing on [Start Date] and continuing on the same day of each month thereafter until [Maturity Date], at which time the remaining unpaid balance, if any, shall be due and payable in full.

2.3 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 the principal.

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3. DEFAULT AND ACCELERATION

3.1 Events of Default. The occurrence of any of the following shall constitute an "Event of Default": (a) failure of Borrower to make any payment when due; (b) the filing of a bankruptcy petition by or against the Borrower; or (c) the breach of any other material representation or covenant herein.

3.2 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 demand or notice.

3.3 Late Fees. If any payment is not received within [Number] days of the due date, Borrower shall pay a late charge of [Amount/Percentage] of the overdue amount to compensate Lender for administrative expenses.

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4. GOVERNING LAW AND VENUE

This Note shall be governed by, construed, and enforced in accordance with the laws of the State of Oklahoma, without regard to its conflict of laws principles. Any legal action or proceeding arising under this Note shall be brought exclusively in the state or federal courts located in [County Name] County, Oklahoma.

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5. COLLECTION COSTS

If 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, court costs, and collection expenses incurred by the Lender, to the extent permitted by Oklahoma law.

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6. WAIVERS

Borrower and all endorsers, sureties, and guarantors of this Note hereby waive diligence, presentment, protest, and demand, and notice of dishonor or non-payment of this Note.

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7. 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 written or oral. No modification of this Note shall be effective unless in writing and signed by both parties.

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8. SEVERABILITY

If any provision of this Note is held to be invalid or unenforceable, such provision shall be severed, and the remaining provisions shall continue in full force and effect.

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EXECUTION AND SIGNATURE BLOCKS

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

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

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STEP-BY-STEP EXECUTION & FILING GUIDE

1. Document Customization:

   • Use "Find and Replace" (Ctrl+H) in Word to systematically replace all bracketed fields (e.g., [Amount in USD]) with the specific deal terms.
   • Ensure the interest rate complies with Oklahoma’s usury limits (typically found in OK Stat Tit. 15 § 266, unless exempt).

2. Verification of Authority:

   • If the Borrower or Lender is an entity (LLC or Corporation), verify the signatory's authority via the company’s Operating Agreement or Corporate Bylaws. Attach a "Certificate of Incumbency" if the transaction amount is significant.

3. Digital Execution:

   • Upload the finalized document to a platform like DocuSign or Adobe Sign. Ensure "Audit Trail" features are enabled to capture IP addresses and timestamps for the signature process.

4. Notarization (Optional but Recommended):

   • For high-value notes, perform the execution in the presence of a Notary Public. This authenticates the signatures and assists in future enforcement if the Note needs to be recorded or entered as evidence in court.

5. Record Retention:

   • The Lender must retain the "wet ink" or cryptographically signed original in a secure, fireproof location. Under the UCC, the Note is a "negotiable instrument," and physical possession of the original is often critical for legal enforcement.