Mississippi Secured Promissory Note Template
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The Mississippi Secured Promissory Note Template is a legal form, entered into by a lender and borrower, which establishes the principal sum, agreed upon payment method, interest rate, and other terms of a loan. Secured notes require that the borrower pledge collateral to the lender (in case the borrower defaults). In the event of a default the lender may take possession of the collateral. Use the download links on this page to fill out the form in .PDF or Word format.

How to Write

Step 1 – Download the document.

Step 2 – Submit the following listed details:

• Date
• Full name and address of borrower
• Name/address of lender
• Principal sum of loan
• Interest rate (per annum)

Step 3 – Payments – Select the payment method from the available options:

Note: Check the box of the selected payment method.

• No Installments
• Installments
• Interest Only

Step 4 – If required:

• Submit the agreed upon installment amount
• AND
• Installment frequency (monthly/weekly frequency)

Step 5 – Due Date: This subsection details the due date of the principal sum. Enter it in the provided format (dd/m/yy).

Step 6 – Interest Due in Event of Default: If the borrower ends up defaulting on the note, they will be subject to a special interest rate.

• Submit the interest rate that will be applied to the balance if the borrower defaults on the loan.

Step 7 – Late Fees:

• Provide the agreed upon late fee amount.
• AND
• How many days the borrower will have after missing a payment before the late fee will be applied to the balance.

Step 8 – Acceleration: The borrower shall be given a certain period of time after defaulting to “cure” the default.

• Fill in the number of days in the appropriate input field.

Step 9 – Security:

• Fill in a description of the borrower’s pledged assets.

Step 10 – Signatures:

• Submit the date
• Enter the names of the borrower, lender, and witnesses
• Borrower must sign their name
• Lender/representative must sign their name
• AND
• Witnesses are required to sign the document