South Dakota Secured Promissory Note Template
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The South Dakota Secured Promissory Note Template is a contractual form entered into by a lender and borrower that establishes the terms of a loan agreement. The loan amount, interest rate, repayment method, and other terms are all detailed within the document. The form is “secured” due to having the backing of collateral (i.e. security), pledged from the borrower. Use the instructions posted below to learn how to properly draft a secured promissory note.

How to Write

Step 1 – The first step is to download the template.

Step 2 – On the first page of the document, enter the following:

• Date of note
• Name of borrower/address of borrower
• Name of lender/address of lender
• AND
• Fill in the amount that will be loaned to the borrower/the interest rate

Step 3 – Payments – This subsection must be filled out in the following manner:

• Select the payment method.
• Fill in the installment amount (if the selected method is “Installments”).
• Enter the payment schedule (monthly or weekly – if required).

Step 4 – Due Date:

• The date entered into this subsection is when the full balance of the loan must be repaid by.

Step 5 – Interest Due in Event of Default:

• Submit what interest rate the borrower will be charged if they default on the loan.

Step 6 – Late Fees – If the borrower misses a payment, they will be charged a late fee (if they do not make the payment within the time frame specified in this subsection).

• Provide number of days the borrower will have to make a past-due installment/payment.
• Submit the amount the borrower will be charged if they miss a due date and do not make a payment within the aforementioned time frame.

Step 7 – Acceleration:

• This subsection details the period of time that the borrower will have to cure a default on the note.

Step 8 – Security:

• Fill in a description of what the borrower has pledged as security/collateral.

Step 9 – Signatures:

• Submit the date of the note’s signing.
• Fill in the names of the parties.
• The borrower, lender, and witnesses must sign the document in the appropriate input fields.