North Dakota Promissory Note
Generate a promissory note tailored to North Dakota law. Our AI incorporates ND-specific statutory requirements, disclosure obligations, and legal standards into every document.
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North Dakota Legal Requirements
Key ND statutes and obligations that apply to your promissory note.
Requirements
- Governed by North Dakota UCC Article 3 (NDCC Ch. 41-03); note must be a written, signed, unconditional promise to pay a sum certain
- Consumer loans: general usury cap is 5.5% above the Federal Reserve discount rate or 7%, whichever is higher (NDCC §47-14-09); commercial parties may contract for any rate
- Security interests in personal property perfected by UCC-1 filing with the North Dakota Secretary of State
Restrictions & Limits
- Consumer usury limits apply; parties should state the annual percentage rate (APR) clearly to avoid disputes
- Real property mortgages must be recorded with the county recorder in the county where the property is located
- Confession of judgment clauses are disfavored and may be unenforceable in North Dakota courts
Official Statute References
Primary North Dakota statutes governing this document type.
North Dakota Promissory Note FAQ
Common questions about promissory notes under North Dakota law.
What is North Dakota's usury limit on loans?
For consumer loans, NDCC §47-14-09 caps interest at 5.5 percentage points above the Federal Reserve discount rate or 7%, whichever is greater. Business-to-business loans are not subject to this cap if the rate is agreed to in writing.
What is the statute of limitations on a promissory note in North Dakota?
Under NDCC §28-01-16, written contracts (including promissory notes) have a 6-year statute of limitations. The clock begins running from the date of default or the note's maturity date.
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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.