Montana Promissory Note
Generate a promissory note tailored to Montana law. Our AI incorporates MT-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Montana Legal Requirements
Key MT statutes and obligations that apply to your promissory note.
Requirements
- Governed by Montana's UCC Article 3 (Mont. Code Ann. §30-3-101 et seq.) for negotiable instruments; must include an unconditional written promise to pay a fixed amount
- Montana usury law (§31-1-107): maximum rate for consumer loans is 15% per annum absent a higher written contract rate agreed to by both parties
- Promissory notes secured by Montana real property must be accompanied by a trust indenture or mortgage recorded in the county where the property is located
Restrictions & Limits
- Statute of limitations: 5 years for written contracts and negotiable instruments under §27-2-202
- Consumer borrowers retain federal Truth in Lending Act protections regardless of the contracted rate
- Interest exceeding the statutory maximum may constitute usury — excess interest is void but the note itself remains enforceable for the principal
Official Statute References
Primary Montana statutes governing this document type.
Montana Promissory Note FAQ
Common questions about promissory notes under Montana law.
What is Montana's interest rate limit for promissory notes?
Montana's general usury limit is 15% per annum for consumer loans (§31-1-107). Parties may contract for a higher rate in writing for commercial transactions. Consumer loans have additional TILA disclosure requirements.
How long do I have to sue on a Montana promissory note?
Montana's statute of limitations for written instruments, including promissory notes, is 5 years from the date of default or maturity under §27-2-202.
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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.