Kentucky Promissory Note
Generate a promissory note tailored to Kentucky law. Our AI incorporates KY-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Kentucky Legal Requirements
Key KY statutes and obligations that apply to your promissory note.
Requirements
- Governed by Kentucky's Uniform Commercial Code, Article 3 (KRS §355.3-101 et seq.)
- Must contain an unconditional promise to pay a fixed sum of money, be signed by the maker, and be payable to an identified person or bearer
- Interest rate must be stated; if omitted, Kentucky's legal rate of 8% per annum applies (KRS §360.010)
Restrictions & Limits
- Usury: Kentucky caps consumer loan interest at the greater of 19% per annum or the prevailing federal discount rate plus 4% (KRS §360.010); violations render excess interest void
- Statute of limitations: 5 years for written contracts (KRS §413.120) — claims on the note must be filed within 5 years of default
- Notes secured by real property must comply with Kentucky mortgage recording requirements and be recorded with the county clerk
Official Statute References
Primary Kentucky statutes governing this document type.
Kentucky Promissory Note FAQ
Common questions about promissory notes under Kentucky law.
What is the maximum interest rate on a Kentucky promissory note?
For consumer loans, Kentucky law (KRS §360.010) caps interest at 19% per annum or the federal discount rate plus 4%, whichever is greater. Commercial loans between businesses are generally not subject to the usury ceiling and may negotiate higher rates.
How long do I have to enforce a Kentucky promissory note?
The statute of limitations for written contracts in Kentucky is 5 years from the date the cause of action accrues (typically the date of default). After 5 years, the debt is time-barred. Partial payments or written acknowledgments of the debt may restart the limitations period.
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Promissory Note by State
Laws vary significantly by state. Find the right form for your location.
Disclaimer: LegalLawDocs.com provides self-help legal documents for informational purposes only. The documents and information on this site do not constitute legal advice and are not a substitute for consultation with a licensed attorney. Laws vary by state and change frequently — review your document with a qualified professional before relying on it.