Maine Promissory Note
Generate a promissory note tailored to Maine law. Our AI incorporates ME-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Maine Legal Requirements
Key ME statutes and obligations that apply to your promissory note.
Requirements
- Governed by Maine's Uniform Commercial Code, Article 3 (11 M.R.S. §3-1101 et seq.)
- Must contain an unconditional promise to pay a fixed amount of money, be signed by the maker, and be payable to a specified person or bearer
- Interest rate should be clearly stated; Maine's statutory rate for prejudgment interest is set annually by the State Court Administrator
Restrictions & Limits
- Maine consumer lending is regulated under the Maine Consumer Credit Code (9-A M.R.S.) — maximum interest rates apply to consumer credit transactions
- Statute of limitations: 6 years for written contracts (14 M.R.S. §752), including promissory notes — claims must be filed within 6 years of default
- Notes secured by real estate must be recorded with the county Registry of Deeds to create a perfected lien against the property
Official Statute References
Primary Maine statutes governing this document type.
Maine Promissory Note FAQ
Common questions about promissory notes under Maine law.
What is the statute of limitations on a Maine promissory note?
Maine's Statute of Limitations for written contracts, including promissory notes, is 6 years from the date the cause of action accrues (typically the date of default) under 14 M.R.S. §752. A written acknowledgment of the debt or partial payment can restart the limitations period.
Are there usury limits on Maine promissory notes?
Maine's consumer lending laws (9-A M.R.S.) impose interest rate caps on consumer credit transactions. Commercial loans between businesses generally are not subject to usury limits and may negotiate higher rates. Lenders making consumer loans should consult Maine's Consumer Credit Code to ensure compliance with applicable rate ceilings and disclosure requirements.
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Promissory Note by State
Laws vary significantly by state. Find the right form for your location.
Disclaimer: LegalLawDocs.com provides self-help legal documents for informational purposes only. The documents and information on this site do not constitute legal advice and are not a substitute for consultation with a licensed attorney. Laws vary by state and change frequently — review your document with a qualified professional before relying on it.