Wisconsin Promissory Note

Wisconsin does not have a general usury cap for commercial (business) loans. Parties can agree to any interest rate for business-to-business transactions. Consumer loans are subject to Wisconsin's Consumer Act rate limits. Business lenders should clearly define the purpose of the loan to establish which rules apply.

Under Wis. Stat. § 893.43, the statute of limitations for written contract claims — including promissory notes — is 6 years from the date of breach. Oral contracts have a 6-year limitation period as well. Partial payments or written acknowledgment of the debt restart the limitations clock.

A promissory note does not need to be notarized to be valid. However, a mortgage or security interest in real property must be notarized and recorded with the county register of deeds. Notarizing the note itself provides additional evidence of authenticity if signatures are contested.

Yes. A properly drafted negotiable promissory note under the Wisconsin UCC (Wis. Stat. § 403.104) can be endorsed and transferred to a third party, who becomes a holder with the right to enforce the note. Include a 'non-negotiable' clause if you want to restrict transfers.