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Minnesota Promissory Note Template

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Updated on February 15th, 2022

A Minnesota promissory note is a contract that defines the conditions of a loan between two (2) parties. The parties can use the document to relay provisions such as the loan maturity date, the repayment method, and the collateral the borrower must put up to secure the loan. When a debtor defaults on a “secured” loan, they will transfer an agreed-upon property to the lender without any additional penalties or obligations. However, if the security value is less than the borrowed sum, the debtor will be liable for the remaining balance, subject to interest at the maximum legal rate.

By executing a promissory note, both parties bind themselves to its conditions, and the lender has the right to pursue legal action if the debt is not repaid on time.

Types (2)

Secured Promissory Note – Provides parties involved in a loan transaction a means to relay loan terms and secure financing with collateral.

Download: PDFWord (.docx)OpenDocument

Unsecured Promissory Note – The details of a loan agreement that does not involve collateral are outlined in this agreement.

Download: PDFWord (.docx)OpenDocument