Kentucky Secured Promissory Note Template
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The Kentucky Secured Promissory Note Template is a written agreement that establishes the various terms of a loan. The document is entered into by two parties – a lender and borrower. In a secured note, the lender provides the borrower with a monetary loan (principal sum) in exchange for the borrower’s collateral. If the borrower ends up defaulting on the loan, the lender has the legal right to take possession of the borrower’s pledged assets (or file a civil suit against them) in order to regain the loaned money.

How to Write

Step 1 – Download the template in the file format of your choice.

Step 2 – The first paragraph of the note is required to have the following details:

• Date of document
• Name of borrower
• Borrower’s address
• Name of lender
• Lender’s address
• AND
• Submit the principal sum
• Provide the agreed upon interest rate (per annum)

Step 3 – Payments – Select the agreed upon payment method:

• No Installments
• Installments – (provide the installment amount)
• Interest Only

Step 4 – The monthly OR weekly due date information must be provided if “Installments” or  “Interest Only” is the selected payment method.

Step 5 – Due Date:

• Submit the final due date of the principal sum including both interest and additional fees.

Step 6 – Interest Due in Event of Default:

• Provide the interest percentage that the borrower would be subject to should they default on the loan.

Step 7 – Late Fees:

• Submit the number of days the borrower will have to make a past-due payment before a late fee will be applied (to that payment).
• Enter the late fee amount that will be applied in the event of a missed payment.

Step 8 – Acceleration:

• Provide the amount of time the borrower will have to cure a default.

Note: this amount should be entered in days.

Step 9 – Security:

Submit a description of the borrower’s pledged asset(s).

Step 10 – Signatures:

• Provide the date in which the parties sign/witness the document.
• Submit the names of the borrower/lender.
• The borrower/lender must sign their names.
• AND
• The witnesses must print/sign their names.