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A Missouri promissory note is a debt instrument that relays the loan terms between the borrower and lender of money. The form contains the conditions for repayment, such as the loan’s maturity date, interest rate, payment schedule, and delinquency fees. The completed document should be signed by the lender, borrower, co-signer (if appointed), and two (2) witnesses (optional). If the borrower defaults, the lender can use the promissory note to take legal action and recuperate their losses.
Missouri law requires lenders to provide the borrower a receipt for each payment made. Once the loan is paid in full, the lender shall mark the note as paid and return it to the borrower (§ 408.130).
Types (2)
Secured Promissory Note – Used to record a loan in which the borrower forfeits certain assets if they fail to meet any contract terms.
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Unsecured Promissory Note – Documents a loan transaction that is not insured by the borrower’s property.
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Laws
- Interest & Usury Laws: Title XXVI, Chapter 408
- Usury Rate with a Contract (§ 408.030): 10%, unless the market rate exceeds 10%, in which case the interest may not exceed the market rate. The parties may also agree to a $10 fee in lieu of interest (§ 408.031).
- Usury Rate without a Contract (§ 408.020): 9%
- Usury Rate for Judgements (§ 408.040(3)): Federal Funds Rate + 5%
- Usury Rate in General (misdemeanor) (§ 408.095): 2% per month
- Usury Rate for Secured Personal Credit Loans (§ 367.021(2)): 2% per month
- Loans without Interest Limit (§ 408.035):
- Loan to a corporation, GP, LP, LLC;
- Credit extensions for agricultural, business, or commercial purposes;
- Non-residential real estate loans; or
- Loans greater than $5,000 secured solely by certificates of stock, bonds, bills of exchange, certificates of deposit, warehouse receipts, or bills of lading.