Wyoming Promissory Note Form

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Wyoming Promissory Note: What Is It?

A Wyoming promissory note is a contractual agreement between the lender and borrower regarding a loan made that must be repaid. A promissory note, when properly written and executed, is a legally binding agreement. There are two types of promissory notes: secured and unsecured. A secured promissory note involves collateral. If the borrower does not pay as agreed, the lender has the legal right to take possession of the collateral to repay all or some of the outstanding balance. An unsecured loan does not involve the use of collateral.

What Is the Maximum Amount of Yearly Interest That May Be Charged in Wyoming?

In Wyoming, the maximum amount of yearly interest that may be charged is 7% per year. However, judgments received may have an interest rate as high as 10% unless otherwise agreed to by the parties or by order of the court.

How to Write a Wyoming Promissory Note

The first step in writing a Wyoming promissory note is to ensure it has the proper title. If the note is secured, the word “secured” should be used in the title. This will help if there is a legal disagreement and a judge must determine whether the lender should be given access to mentioned collateral. Following the title, certain information about the parties and the loan will be used to create the body of the contract:

  • The date the Wyoming promissory note is created. This date is below the title. The most common format for the date is month, day, and year. This date is important because it helps create specific legal deadlines as well as showing when the parties entered into the loan repayment agreement. The date that the borrower signs the agreement is also important. It shows the date that the borrower acknowledged the loan and the obligation to repay it.
  • The legal name of each party to the contract and their role. Use the legal name for every party in the contract: the lender, the borrower, and any co-signer. Then, designate the role for each party. For example, Blue Moon Auto Loans, LLC, Lender and Robert Jones, Borrower.
  • The mailing address for each party. Make sure to include the city / town, state, and zip code with the mailing address. For secured notes, also include the physical address for the borrower and any co-signer if that address is different from the mailing address.
  • The amount of money loaned to the borrower. This is most often referred to as the principal balance. This is the amount loaned without interest.
  • The yearly interest rate for the loan. This is the amount of interest per year that will be added to the balance of the loan. The maximum interest rate in Wyoming is 7% on consumer loans.
  • Payment agreement. This section explains the total number of payments the borrower must satisfy, the due date for each payment, and the amount of each payment. The amount of the late fee should also be documented in this section. The lender should place their payment processing address in this section for easy reference.

If the Wyoming promissory note is secured, include a description of the collateral. Without this description, the lender may lose their right to take possession of the collateral.

After the main body of the promissory note, clauses are inserted to define the terms of the agreement. The most commonly used clauses are:

  • Interest Due in the Event of Default. This is the interest rate assessed if the borrower defaults on the agreement.
  • Payment Allocation. This is an explanation of how the payments made are split between the principal and the balance.
  • Acceleration. This is an explanation of the lender’s legal right to demand immediate and full repayment of the outstanding balance if the borrower doesn’t follow the terms of the agreement.
  • Prepayment. This clause explains whether the lender will assess a financial penalty if the borrower pays off the loan early.
  • Attorney Fees and Costs. This is an explanation of how incurred attorney fees and costs by either or both parties will be paid if there is a legal dispute over the Wyoming promissory note.
  • Waiver of Presentments. This is an explanation to the borrower that the lender doesn’t have to be physically present when payments are made.
  • Severability. A clause that explains how the remainder of the note will still be valid if one part is found unenforceable.
  • Conflicting Terms. An explanation of how conflicting terms will be resolved if they are found in the contract.
  • Notice. An explanation on whether the borrower will be notified if the lender sues for default.
  • Governing Law. A clause that lists the state whose laws will be used to govern the agreement and any related legal dispute.

A Wyoming promissory note doesn’t need to be signed in front of a notary. To make the agreement legally binding, the borrower should sign and date the agreement. If there is a co-signer, they must also sign and date the agreement.


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