Tennessee Promissory Note
Generate a promissory note tailored to Tennessee law. Our AI incorporates TN-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Tennessee Legal Requirements
Key TN statutes and obligations that apply to your promissory note.
Requirements
- Must include: principal, interest rate, payment schedule, maturity date, and default terms
- Governed by TCA § 47-14-101 et seq. and Tennessee's UCC (TCA § 47-3-101 et seq.)
- Legal rate of interest: 10% per year absent written agreement (TCA § 47-14-103)
- Parties may agree to higher rates for business loans in writing
- Usury: consumer loans capped at 24% for amounts under $1,000; higher for larger amounts
- Secured notes must reference and attach the security agreement or deed of trust
Restrictions & Limits
- Tennessee usury law caps certain consumer loan rates — check TCA § 47-14-102 for current limits
- Confession of judgment clauses are void in Tennessee
- Prepayment provisions must be clearly stated — courts disfavor hidden prepayment penalties
Official Statute References
Primary Tennessee statutes governing this document type.
Tennessee Promissory Note FAQ
Common questions about promissory notes under Tennessee law.
What is the legal interest rate in Tennessee?
Tennessee's default legal interest rate is 10% per year under TCA § 47-14-103. Parties can agree to higher rates in writing for business loans. Consumer loan rates are subject to separate limits under TCA § 47-14-102. Judgment interest accrues at 10% per year under TCA § 47-14-121.
What is the statute of limitations on a promissory note in Tennessee?
Under TCA § 28-3-109, written contract claims — including promissory notes — must be filed within 6 years of the date of default. Oral contract claims have a 6-year limitation as well. Partial payments or written acknowledgment of the debt can restart the limitations period.
Does a Tennessee promissory note need to be notarized?
A promissory note does not need to be notarized to be valid. If the note is secured by real property (deed of trust), that deed of trust must be notarized and recorded with the county register of deeds. Notarizing the note itself adds authentication value.
Can a Tennessee promissory note be transferred?
Yes. A properly drafted negotiable promissory note under the Tennessee UCC (TCA § 47-3-104) can be endorsed and transferred to a third party. The transferee becomes a holder with the right to enforce the note. Include a 'non-negotiable' clause if you want to restrict transfers.
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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.