Minnesota Secured Promissory Note Template

TheĀ Minnesota Secured Promissory Note Template is a legal document used to detail the principal sum, interest rate, payment method, and other facets of a loan. The borrower is required to pledge collateral when signing the secured promissory note. The reason for this is that in the event of a default on the note/loan, the lender can take possession of the pledged assets (in order to satisfy the debt that is owed).

How to Write

Step 1 – Download the document via the links near the top of the page.

Step 2 – Opening Paragraph:

  • Submit the name of the borrower
  • Address of borrower
  • Name of lender
  • Address of lender
  • AND
  • Provide the principal sum/interest rate

Step 3 – Payments – Check the box of the agreed upon payment method:

  • No Installments
  • Installments (submit the agreed upon amount)
  • Interest Only

Step 4 – Provide the monthly/weekly installment frequency (if required).

Step 5 – Due Date:

  • Enter the date in dd/m/yy format.

Step 6 – Interest in Event of Default: If the borrower defaults on the loan/note, the lender can apply an updated interest rate to the balance.

  • Submit the updated interest rate.

Step 7 – Late Fees:

  • Provide how long the borrower will have after missing a payment before the lender will charge a late fee.
  • Submit the agreed upon late fee.

Step 8 – Acceleration:

  • Fill in the number of days the borrower will have to cure a default.

Step 10 – Security:

  • Enter the borrower’s pledged assets.

Step 11 – Signatures:

  • Provide the date in the required format.
  • Enter the names of the lender/borrower.
  • The borrower AND lender are required to sign the form.
  • The witnesses must print/sign their names in the appropriate input fields.
Minnesota Secured Promissory Note - Adobe PDF - Microsoft Word

Minnesota Secured Promissory NoteAdobe PDFMicrosoft Word