Washington Promissory Note
Generate a promissory note tailored to Washington law. Our AI incorporates WA-specific statutory requirements, disclosure obligations, and legal standards into every document.
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Washington Legal Requirements
Key WA statutes and obligations that apply to your promissory note.
Requirements
- Washington usury law: maximum 12% per year or 4 percentage points above 26-week T-bill rate (RCW 19.52.020)
- Licensed lenders (banks, credit unions, licensed consumer lenders) are exempt
- Statute of limitations: 6 years for written contracts (RCW 4.16.040)
- Real estate secured notes: deed of trust must be recorded with county auditor
- Documentary excise tax may apply to certain real estate-secured instruments
Restrictions & Limits
- Interest above the usury limit is collectible only at the legal rate — excess interest forfeited
- Consumer loans: additional Washington Consumer Loan Act requirements
- Mortgage/deed of trust recording required to perfect real property security interests
Official Statute References
Primary Washington statutes governing this document type.
Washington Promissory Note FAQ
Common questions about promissory notes under Washington law.
What is Washington's usury limit for promissory notes?
Washington's usury limit (RCW 19.52.020) is the greater of 12% per year or 4 percentage points above the average rate on 26-week U.S. Treasury bills. For private non-commercial loans, parties can agree to any rate in writing up to this limit. Licensed lenders are exempt. Exceeding the limit doesn't void the debt — the lender simply loses the excess interest.
How long do I have to sue on a Washington promissory note?
Washington's statute of limitations for written contracts is 6 years (RCW 4.16.040). The clock starts from the date of default or the date payment was due. A demand letter does not toll the limitations period — file suit before the 6-year deadline.
Does Washington use mortgages or deeds of trust for real estate-secured notes?
Washington primarily uses deeds of trust (not mortgages) to secure real property loans. A deed of trust allows non-judicial (trustee's sale) foreclosure, making it faster than judicial foreclosure. The deed of trust must be recorded with the county auditor where the property is located.
What is Washington's Real Estate Excise Tax effect on promissory notes?
Washington's Real Estate Excise Tax (REET) applies to real property transfers. When a deed of trust secures a promissory note, the foreclosure sale triggers REET. For negotiated transfers in lieu of foreclosure, REET is calculated based on the fair market value of the property transferred.
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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.