South Carolina Promissory Note
Generate a promissory note tailored to South Carolina law. Our AI incorporates SC-specific statutory requirements, disclosure obligations, and legal standards into every document.
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South Carolina Legal Requirements
Key SC statutes and obligations that apply to your promissory note.
Requirements
- Governed by South Carolina UCC Article 3 (S.C. Code Ann. §§36-3-101 et seq.); must be a written, signed, unconditional promise to pay a definite sum
- Consumer usury: South Carolina's maximum rate is 8.75% per year for consumer loans unless a higher rate is agreed in writing (S.C. Code Ann. §34-31-20); commercial loans may set any rate if agreed in writing
- Security interests in personal property perfected by UCC-1 Financing Statement filed with the South Carolina Secretary of State
Restrictions & Limits
- Consumer usury limits apply; specify the APR clearly in the note to comply with both state law and federal TILA
- Real property mortgages must be recorded in the Register of Deeds in the county where the property is located
- South Carolina is a judicial foreclosure state for mortgages — foreclosure proceedings are court-supervised
Official Statute References
Primary South Carolina statutes governing this document type.
South Carolina Promissory Note FAQ
Common questions about promissory notes under South Carolina law.
What is South Carolina's interest rate cap on loans?
S.C. Code Ann. §34-31-20 sets a consumer usury cap of 8.75% per year; parties may contract for a higher rate in writing. Commercial business-to-business loans may agree to any rate if specified in writing. Always disclose the annual percentage rate (APR) to comply with federal TILA.
What is the statute of limitations on a promissory note in South Carolina?
South Carolina's statute of limitations for written contracts, including promissory notes, is 3 years (S.C. Code Ann. §15-3-530). This is shorter than many states. The clock starts running from the date of default. A partial payment or written acknowledgment can 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.