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Maryland Promissory Note Template

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Maryland promissory note defines the terms agreed upon by a lender and borrower regarding the repayment of loaned money. It establishes the date by which the principal balance and accrued interest shall be paid in full, and may include charges for any periodic installment the borrower fails to pay on time. Lenders can lessen the financial risk of loaning money by securing the note with some form of collateral. If the borrower defaults on the note obligations, the lender will seize the borrower’s collateral in order to recuperate all or part of the unpaid balance.

Should the borrower fail to pay the entire balance by the due date, the unpaid amount shall accumulate interest at the greatest rate permitted by law. In most cases, the interest rate will be set to 8% but may vary depending on the purpose of the loan and whether the note is backed by security (see interest rates below).


Types (2)

Secured Promissory Note – Loans recorded in a secured note are protected with collateral.

Download: PDFWord (.docx)OpenDocument

 


Unsecured Promissory Note – Designed for lending transactions where funds are issued without collateral.

Download: PDFWord (.docx)OpenDocument