Massachusetts Promissory Note
Generate a promissory note tailored to Massachusetts law. Our AI incorporates MA-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Massachusetts Legal Requirements
Key MA statutes and obligations that apply to your promissory note.
Requirements
- Must include: principal, interest rate, repayment schedule, maturity date, and default terms
- Governed by MGL c.140 § 90 et seq. and Massachusetts UCC (MGL c.106 § 3-101 et seq.)
- Usury limit: 20% per year for most consumer loans (MGL c.271 § 49)
- Licensed lenders and commercial transactions are generally exempt from the usury cap
- Consumer loan disclosures required under MGL c.140 § 90 for small loans
- Secured notes must reference and attach the security agreement
Restrictions & Limits
- Predatory lending is regulated under MGL c.183C (Predatory Home Loan Practices Act) for residential mortgages
- Confession of judgment clauses are void in Massachusetts consumer transactions
- Late fees and default interest rates should be specified — courts may limit unconscionable charges
Official Statute References
Primary Massachusetts statutes governing this document type.
Massachusetts Promissory Note FAQ
Common questions about promissory notes under Massachusetts law.
What is the usury limit for Massachusetts promissory notes?
Massachusetts' usury law (MGL c.271 § 49) sets a criminal limit of 20% per year. However, many commercial lenders are exempt from this cap. For business-to-business loans, the contracted rate is typically enforceable. Consumer loans face the 20% cap unless a licensed lender exception applies.
What is the statute of limitations on a Massachusetts promissory note?
Under MGL c.260 § 2, the statute of limitations for written contract claims — including promissory notes — is 6 years from the date of breach. Oral loan agreements also have a 6-year limitation period. Partial payments reset the limitations clock.
Does a Massachusetts promissory note need to be notarized?
Notarization is not required for a promissory note to be valid. A deed of trust or mortgage securing real property must be notarized and recorded with the Registry of Deeds. Notarizing the note itself provides additional evidence of authenticity if signatures are disputed.
Can a Massachusetts promissory note be transferred to another creditor?
Yes. A negotiable promissory note under the Massachusetts UCC (MGL c.106 Article 3) can be endorsed and transferred to a third party, who becomes a holder in due course with the right to collect. To prevent transfer, include a 'non-negotiable' or 'not transferable without consent' clause.
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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.