A Wyoming promissory note is a formal contract that outlines the specifics of a loan agreement between two parties, the debtor and the lender. It delineates the loan terms, repayment schedule, and interest details. It benefits both parties, as the borrower can access funds they wouldn’t otherwise have, and the lender can earn money on their initial loan amount via interest.
Once both parties sign this note, it becomes a legally enforceable record of the debt, ensuring that the borrower knows their obligation to repay the loan amount plus any accrued interest. If the loan involves collateral, the lender can have added assurance against default.
Laws: Title 34.1, Article 3 of the Wyoming Statutes Annotated details the laws relating to negotiable instruments, including promissory notes.
Statute of Limitations: Ten years if signed under seal, six years otherwise (§ 34.1-3-118).
By Type
Usury Laws and Interest Rates
Promissory notes must contain interest rates that align with the state’s usury laws, which you can find in Title 40, Chapter 14 of the Wyoming Uniform Consumer Credit Code:
- Without a Contract (§ 40-14-106(e)): 7%.
- With Contract: Not mentioned in state statutes.
- For Child Maintenance/Support Judgments (§ 1-16-102(c)): No interest.
- For Judgments without a Contract (§ 1-16-102(a)): 10%.
- For Judgments with a Contract (§ 1-16-102(b)): The rate will be the agreed-upon one present in the contract.
