Make a Free Mississippi Promissory Note

A promissory note, commonly known as an "IOU" is a legal contract between a borrower and a lender. The document legallly binds the borrower to repay the lender the money borrowed, plus interest if applicable. A secured promissory note is backed by collateral, such as real estate, while an unsecured note does not have collateral associated with it. A promissory note is related to a loan agreement

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Mississippi Promissory Note: What Is It?

A Mississippi promissory note is an agreement between two people (the creditor and the debtor) regarding a loan. A Mississippi promissory note should include the amount of the loan, the amount of the monthly payments, the due date, what will happen if payments aren't made as agreed, and it should be signed by both parties. A Mississippi promissory note cannot have an interest rate higher of 8% in most instances. Also, there is a three-year statute of limitations for legal collection if the debtor defaults.

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