A Nebraska promissory note is a legal tool to aid lenders in receiving timely repayments from borrowers in a financial lending transaction. These templates encompass various aspects, including both parties’ personal information and the specifics of the agreement. Be sure to review the details of each to choose the one that best fits your lending scenario.
Laws: Promissory notes fall under Nebraska Revised Statutes Chapter 45.
Statute of Limitations: Five years (§25-205).
Types of Nebraska Promissory Notes
In Nebraska, the difference between a secured and unsecured promissory note isn’t just paperwork. Ensure you choose the right one to balance legal protection with ease of use, depending on the loan’s risk.
Secured
Enables the lender to retain possession of a valuable asset in the event the borrower fails to repay the loan.
Unsecured
Typically available to family, friends, or individuals with a strong credit history, this option does not necessitate offering valuable assets as collateral.
Usury Laws and Interest Rates
The promissory note must adhere to Nebraska’s usury laws as outlined in Nebraska Revised Statutes Chapter 45:
- With a Contract (§ 45-101.03): 16% per annum
- Without a Contract (§ 45-102): Legal interest rate of 6%.
- For judgments (§ 45-103): 1% above bond equivalent yield; rate of contract; or specifically provided by law.
- For Delinquent Tax Payments Owed To The State (§ 45-104.01): 14% per annum.
Sample Nebraska Promissory Note
View a free sample Nebraska promissory note to know what elements it has. When you’re ready, create your own via our document editor and download it as a PDF or Word file.
