Wyoming Promissory Note Template [PDF + Download]

A Wyoming promissory note is an official document outlining a borrower’s promise to pay back the loan to a lender. This type of contract also states the repayment schedule, maturity dates, potential penalties in case of default, and other relevant terms.

Promissory notes are used for establishing a formal relationship between parties and formalizing Wyoming loan agreements. You can create them yourself by relying on promissory note templates or contact a professional to create such a contract for you, although it’s a more costly option.

Let’s examine the meaning of promissory notes in Wyoming and learn how to make them valid and enforceable.

Types of Promissory Notes in Wyoming

There are two main types of Wyoming promissory notes—secured and unsecured, and if appropriately written, both can be legally enforceable. However, the way to enforce them is different.

Let’s learn more about this:

Signing Requirements for Promissory Notes in Wyoming

You can ensure the validity of this official document by meeting the following promissory note Wyoming requirements:

Witnesses’ signatures are not mandatory but are highly recommended, as they add an additional layer of protection to a promissory note. In addition, notarizing your document will have the same effect; you can hire a notary public for loans worth $10,000 or more.

Statutory Considerations for Wyoming Promissory Notes

The Wyoming Uniform Consumer Credit Code (Title 40, Chapter 14) outlines the usury laws, which inform us of the maximum interest rate in this state.

Let’s see the interest rate caps:

You can use Wyoming promissory notes for various types of loans (e.g., business and personal ones). The most important factor to consider is the interest rate limits, which you should not exceed in any case if you wish to avoid penalties such as interest rate annulment.

How To Enforce a Promissory Note in Wyoming

To enforce a promissory note in Wyoming, the lender has to file a claim in small claims court or seize the borrower’s collateral based on the note type.

If the borrower fails to meet the payment deadlines, the secured promissory note holder can sell the collateral and recover the debt. Most of the time, the collateral value is similar to the loan sum; if it is higher, the borrower may have the right to keep the remainder.

In contrast, having an unsecured enforceable promissory note in Wyoming means you can send the borrower a demand letter as a way of recollecting the debt. Besides sending an official payment request, you can modify the repayment schedule (e.g., give the borrower more time to pay off the debt).

In the absence of a response, you must seek the settlement in small claims court. In Wyoming, you can submit a lower court claim for loans up to $6,000. If the note is signed under seal, you must start the action to enforce it within 10 years after the maturity date. In any other case, this action must occur within six years after the repayment deadline.

How Can a Promissory Note in Wyoming Be Changed or Revoked?

A promissory note in Wyoming can be changed or revoked only if both parties agree to it. As oral agreements are not considered valid, the lender and the borrower must issue a new note with the new terms explicitly stated and sign it.

Parties may agree to cancel a promissory note due to early payments or amend the repayment schedule (e.g., switch from monthly to quarterly payments). Lenders and borrowers can also gain insight into promissory note samples and check both the original and amended versions, which can help them modify their own documents.

If templates and samples do not adequately represent the types of amendments parties want to make, they can always hire a lawyer for professional advice.