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A promissory note is used when one party, the issuer, is making a "promise" to pay a certain amount of money to another party, known as the payee.

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This Lease Agreement is legally binding in Mississippi according to your state's specific rules and regulations.

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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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