Maryland Promissory Note
Generate a promissory note tailored to Maryland law. Our AI incorporates MD-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Maryland Legal Requirements
Key MD statutes and obligations that apply to your promissory note.
Requirements
- Governed by Maryland's Uniform Commercial Code, Article 3 (Md. Com. Law §§3-101 to 3-605)
- Must be a written, unconditional promise to pay a fixed sum of money, signed by the maker, and payable to an identified person or bearer
- Interest rate should be expressly stated; Maryland's legal rate of interest is 6% per annum where no rate is specified (Md. Com. Law §12-102)
Restrictions & Limits
- Consumer lending: Maryland's Consumer Loan Law (Md. Com. Law §12-301 et seq.) caps interest rates for consumer loans — rates above the applicable cap are void as to excess interest
- Statute of limitations: 3 years for a negotiable instrument (promissory note) under Md. Cts. & Jud. Proc. §5-101, as modified by UCC §3-118 which provides 6 years from the due date for demand notes and 6 years from the due date for other notes
- Notes secured by Maryland real property must be recorded with the county land records to create an enforceable lien
Official Statute References
Primary Maryland statutes governing this document type.
Maryland Promissory Note FAQ
Common questions about promissory notes under Maryland law.
What is the statute of limitations on a Maryland promissory note?
Under Maryland UCC §3-118 (Md. Com. Law §3-118), the statute of limitations for a promissory note is 6 years from the due date or, for demand instruments, 6 years from the date the instrument is issued. Maryland's general 3-year statute of limitations (Md. Cts. §5-101) does not override the UCC's specific 6-year period for negotiable instruments.
What is the maximum legal interest rate for a Maryland consumer promissory note?
For consumer loans, Maryland's Consumer Loan Law (Md. Com. Law §12-306) imposes rate ceilings that vary by loan type and amount. Consumer credit transactions are also subject to the Maryland Consumer Protection Act. Federally chartered banks are exempt from state usury limits. Parties to commercial loans between businesses generally may negotiate any rate without usury restriction.
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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.