Louisiana Promissory Note
Generate a promissory note tailored to Louisiana law. Our AI incorporates LA-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Louisiana Legal Requirements
Key LA statutes and obligations that apply to your promissory note.
Requirements
- Governed by Louisiana's Commercial Laws (La. R.S. §10:3-101 et seq.), which adopts UCC Article 3 with Louisiana-specific modifications
- 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; the legal rate of interest in Louisiana is 3.5% per annum (or the federal judicial rate) if no rate is specified (La. Civ. Code art. 2924)
Restrictions & Limits
- Louisiana usury law (La. R.S. §9:3500 et seq.) caps consumer loan interest rates — excess interest is treated as a reduction of principal
- Statute of limitations: 3 years for most promissory notes under Louisiana law (La. Civ. Code art. 3494) — shorter than most states
- Notes secured by Louisiana real estate must be executed in authentic act form (before a notary and two witnesses) to be recorded and effective against third parties
Official Statute References
Primary Louisiana statutes governing this document type.
Louisiana Promissory Note FAQ
Common questions about promissory notes under Louisiana law.
What is Louisiana's statute of limitations for promissory notes?
Louisiana has a shorter limitations period than most states — actions on promissory notes prescribe (expire) in 3 years from the date the obligation is due under La. Civ. Code art. 3494. Creditors must act promptly. Acknowledgment of the debt in writing can restart the prescriptive period.
What is the legal interest rate for a Louisiana promissory note?
If no interest rate is specified, Louisiana Civil Code art. 2924 provides that the legal rate of interest applies. The legal rate is equal to the greater of 3.5% per annum or the federal judicial rate. Parties may contract for higher rates subject to applicable usury limits.
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Promissory Note by State
Laws vary significantly by state. Find the right form for your location.
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