Mississippi Promissory Note
Generate a promissory note tailored to Mississippi law. Our AI incorporates MS-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Mississippi Legal Requirements
Key MS statutes and obligations that apply to your promissory note.
Requirements
- Governed by Mississippi's Uniform Commercial Code, Article 3 (Miss. Code §75-3-101 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 should be clearly stated; Mississippi's legal rate of interest is 8% per annum where no rate is agreed (Miss. Code §75-17-1)
Restrictions & Limits
- Mississippi usury law: consumer loans are subject to rate limits under Miss. Code §75-17-1; the maximum rate for consumer loans is the greater of 10% per annum or 5% above the federal discount rate for consumer credit — excess interest is void
- Statute of limitations: 3 years for written contracts (Miss. Code §15-1-49), including promissory notes — creditors must file suit within 3 years of default
- Notes secured by Mississippi real estate must be recorded with the county chancery clerk to create a perfected lien
Official Statute References
Primary Mississippi statutes governing this document type.
Mississippi Promissory Note FAQ
Common questions about promissory notes under Mississippi law.
What is the statute of limitations on a Mississippi promissory note?
Mississippi's statute of limitations for written contracts, including promissory notes, is 3 years from the date the cause of action accrues (typically the date of default) under Miss. Code §15-1-49. This is shorter than many states. A written acknowledgment of the debt or a partial payment may restart the limitations period.
What is Mississippi's maximum interest rate for consumer loans?
Under Miss. Code §75-17-1, the maximum lawful interest rate for consumer loans in Mississippi is the greater of 10% per annum or 5% above the prevailing federal discount rate. Interest charged above this ceiling is void and uncollectable. Commercial loans between businesses may negotiate higher rates without violating Mississippi usury law.
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Promissory Note by State
Laws vary significantly by state. Find the right form for your location.
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