A New Hampshire promissory note is a document that ensures that a lender is repaid the borrowed amount plus interest by the borrower promptly. For this, both parties must agree on key details like payment methods, interest rates, penalties, and more. Furthermore, these notes are legally binding, requiring signatures from both parties.
Laws: Promissory notes fall under Title XXXI, Chapter 336 of the New Hampshire Revised Statutes.
Statute of Limitations: Six years (§382-A:3-118).
By Type
Usury Laws and Interest Rates
The promissory note must adhere to New Hampshire’s usury laws as outlined in Chapter 336:
- With a Contract (§ 336:1): No limit, except for consumer credit transactions under (§358-K:1)
- Without a Contract (§ 336:1): 10%.
- For Judgments (§ 336:1): 2% higher than the interest discount rate on 26-week US Treasury bills.
