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Wyoming Promissory Note

Wyoming promissory note template: no statutory usury cap on a written rate and a 10-year statute of limitations. Free template. Attorney review available.

Introduction

A written Wyoming promissory note stays enforceable in court for a full decade: Wyoming Statutes Section 1-3-105(a)(i) gives a payee ten years from a missed payment or the note's due date to sue and collect, longer than most neighboring states allow. Wyoming also sets no statutory ceiling on the rate the maker and payee agree to in writing; Wyoming Statutes Section 40-14-106(e) supplies a default rate, 7% per year, only when the note leaves the rate blank. A promissory note itself is a written, signed promise by one party, the maker, to pay a definite sum of money to another, the payee, either on demand or by a set date, the paper trail that makes a family loan, a business loan, or a loan between friends enforceable if the maker doesn't pay. Wyoming permits a confession-of-judgment clause outside consumer lending, though acting on one takes more than a signature: the maker, or an attorney holding a signed warrant of attorney filed with the court clerk, must appear and confess with the payee's assent before a court enters judgment (Wyoming Statutes Sections 1-16-201, 1-16-202). That same clause is banned outright for a claim arising from a consumer credit sale, lease, or loan under the Wyoming Uniform Consumer Credit Code. A Wyoming note doesn't need to be notarized or witnessed to be enforceable.

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Key Things to Know

  1. 1

    A promissory note is a written, signed promise by one party (the maker) to pay a definite sum of money to another party (the payee), either on demand or by a set date.

  2. 2

    Wyoming sets no statutory ceiling on the interest rate the maker and payee agree to in writing. If the note leaves the rate blank, the default legal rate is 7% per year. (Wyoming Statutes Section 40-14-106(e)) A higher tiered cap, 36% per year on principal up to $1,000 and 21% per year above that, applies only to a lender "regularly engaged in the business of making loans" (more than 25 loans in a year), not to an ordinary private-party note. (Wyoming Statutes Sections 40-14-304, 40-14-310(g), 40-14-140(a)(xxvi))

  3. 3

    A Wyoming promissory note does not need to be notarized or witnessed to be enforceable. Wyoming Statutes Section 34.1-3-104 lists what makes a note a valid negotiable instrument (an unconditional promise, a fixed amount, a signature, payable on demand or by a definite date), and notarization isn't one of the requirements.

  4. 4

    Wyoming permits a confession-of-judgment clause (letting the payee obtain a court judgment without a full lawsuit) outside consumer lending, but acting on it requires the maker, or an attorney holding a signed warrant of attorney filed with the court clerk, to appear and confess with the payee's assent; it does not fire automatically the moment a payment is missed. (Wyoming Statutes Sections 1-16-201, 1-16-202)

  5. 5

    Confession of judgment is banned outright for a claim arising from a consumer credit sale, consumer lease, or consumer loan under the Wyoming Uniform Consumer Credit Code. (Wyoming Statutes Sections 40-14-249, 40-14-338)

  6. 6

    You generally have 10 years from a missed payment or the note's stated due date to sue to collect on a written promissory note in Wyoming, one of the longer windows among the states. (Wyoming Statutes Section 1-3-105(a)(i))

  7. 7

    If a Wyoming promissory note is secured by personal property rather than real property, the lender generally needs to file a UCC-1 financing statement to protect its priority against other creditors. (Wyoming Statutes Section 34.1-9-310) Promissory notes are commonly used in Wyoming for family loans, small business loans, and LLC member loans; an isolated private loan like this doesn't require a lender's license, which Wyoming requires only for a person "regularly engaged in the business of making loans." (Wyoming Statutes Section 40-14-302(b))

Key decisions before you file

Before you file a Promissory Note in Wyoming, a few decisions shape the document: which option to choose and what each one means. The Promissory Note guide walks through them.

Open the Promissory Note guide

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WYOMING PROMISSORY NOTE

Principal Amount: $[PRINCIPAL AMOUNT] Date: [DATE] Location: [CITY], Wyoming

1. PARTIES

Maker (Borrower): [MAKER'S FULL LEGAL NAME], of [MAKER'S ADDRESS]

Payee (Lender): [PAYEE'S FULL LEGAL NAME], of [PAYEE'S ADDRESS]

For value received, the Maker promises to pay to the order of the Payee the Principal Amount stated above, together with interest as set forth below.

2. PRINCIPAL AMOUNT

Principal: $[PRINCIPAL AMOUNT]

3. INTEREST RATE

Rate: [RATE]% per annum.

Wyoming usury rule: Wyoming sets no statutory ceiling on the interest rate the Maker and Payee agree to in writing (Wyoming Statutes Section 40-14-106(e)). If no rate is stated here, the default legal rate is 7% per annum. A separate, higher tiered cap applies only to a lender regularly engaged in the business of making loans (more than 25 loans a year), not to an ordinary private-party note (Wyoming Statutes Sections 40-14-304, 40-14-310(g)).

4. REPAYMENT SCHEDULE

[SELECT ONE:]

  • Installments: $[PAYMENT AMOUNT] due on the [DAY] of each month, beginning [START DATE], until paid in full.
  • On demand: Payable in full upon written demand by the Payee.
  • Lump sum: The entire unpaid Principal and accrued interest are due in full on [MATURITY DATE].

5. LATE PAYMENT, DEFAULT, AND ACCELERATION

A payment not received within [NUMBER] days of its due date is late, and a late fee of $[AMOUNT] or [PERCENTAGE]% of the overdue payment may apply. Upon default, the Payee may declare the entire unpaid Principal and accrued interest immediately due and payable (acceleration). Note (include only if the parties want a confession-of-judgment clause): Wyoming permits a note to authorize the Payee to have the Maker confess judgment outside consumer lending (Wyoming Statutes Section 34.1-3-104(a)(iii)(2)), but using it still requires the Maker, or an attorney holding a signed warrant of attorney filed with the court clerk, to appear and confess with the Payee's assent (Wyoming Statutes Sections 1-16-201, 1-16-202); it does not fire automatically on default.

6. PREPAYMENT

The Maker may prepay all or part of the Principal at any time without penalty, unless a prepayment penalty is separately negotiated and stated here: [PREPAYMENT TERMS, IF ANY].

7. GOVERNING LAW

This Note is governed by the laws of the State of Wyoming. An action to collect on this Note must generally be brought within 10 years of a missed payment or this Note's due date (Wyoming Statutes Section 1-3-105(a)(i)). If this Note is secured by personal property rather than real estate, the Payee should file a UCC-1 financing statement to protect its priority against other creditors (Wyoming Statutes Section 34.1-9-310).

SIGNATURES

Maker Signature: _________________________ Printed Name: [MAKER'S FULL LEGAL NAME] Date: [DATE]

Notary Acknowledgment (optional; notarization is not required for this Note to be enforceable in Wyoming, but may be added for evidentiary purposes): _________________________

Governed by Wyoming Statutes Section 40-14-106 (interest rate) and Wyoming Statutes Section 1-3-105 (statute of limitations). This is a template; consult the current statute or an attorney to confirm details for your situation, attorney review is available and optional. For the full national Promissory Note template, see the full Promissory Note template.

Wyoming Requirements for Promissory Note

Notarization Not Required for Validity (Wyoming Statutes § 34.1-3-104)

Wyoming does not require a promissory note to be notarized or witnessed to be enforceable. Wyoming Statutes Section 34.1-3-104's list of what makes a note a valid negotiable instrument does not include notarization or witnessing; notarization is optional and used only for evidentiary purposes.

Maximum Interest Rate (Wyoming Statutes § 40-14-106)

No statutory ceiling on a rate the maker and payee agree to in writing; the default legal rate absent a written rate is 7% per annum. A separate, higher tiered cap (36% per annum on principal up to $1,000, 21% per annum above that) applies only to a lender regularly engaged in the business of making loans (more than 25 loans a year), not to an ordinary private-party note.

Consumer Loan License Requirement (Wyoming Statutes § 40-14-302)

Wyoming Uniform Consumer Credit Code license and disclosure requirements apply only to a lender "engaged in the business of making consumer loans," meaning one that extends credit more than 25 times a year. An isolated private person-to-person promissory note does not trigger these requirements.

Negotiable Instrument Requirements (Wyoming Statutes § 34.1-3-104)

To be a valid negotiable instrument, a note must be an unconditional promise to pay a fixed amount, signed by the maker, and payable on demand or at a definite time.

Statute of Limitations (Wyoming Statutes § 1-3-105)

Generally 10 years from a missed payment or the note's stated due date to sue to collect on a written promissory note.

Consumer Loan Finance Charge Cap (Wyoming Statutes § 40-14-310)

For a lender regularly engaged in the business of making consumer loans, the loan finance charge may not exceed 36% per annum on principal up to $1,000 and 21% per annum on principal above $1,000; this tiered cap does not apply to an isolated private-party promissory note.

Confession of Judgment (Wyoming Statutes §§ 1-16-201, 40-14-338)

Permitted outside consumer lending, but only through a formal court procedure requiring the maker's (or the maker's attorney's) appearance and the payee's assent; it is banned outright for a claim arising from a consumer credit sale, consumer lease, or consumer loan.

Secured Transaction Filing (Wyoming Statutes § 34.1-9-310)

If a note is secured by personal property, the lender generally must file a UCC-1 financing statement to perfect and prioritize its security interest against other creditors.

Frequently Asked Questions

No. Wyoming Statutes Section 34.1-3-104 lists what makes a note a valid, enforceable negotiable instrument, and notarization isn't one of the requirements. Notarizing a note is optional and can help as evidence of who signed it, but it doesn't affect enforceability.

Include the principal amount, the interest rate, the repayment schedule, what counts as default, and the signatures of the maker and payee. Since Wyoming sets no statutory ceiling on a written rate, the interest rate is mainly a matter of what the maker and payee agree to; if you want a confession-of-judgment clause, note that acting on it still requires a formal court appearance and the payee's assent, not just a signature on the note.

Yes, as long as it meets the basic requirements of a valid contract and, if it's meant to be a negotiable instrument, the elements in Wyoming Statutes Section 34.1-3-104: an unconditional promise to pay a fixed amount, a signature, and payment on demand or by a definite date. It doesn't need to be notarized to be enforceable.

An unsecured note relies only on the maker's promise to pay. A secured note is backed by collateral, and if it's secured by personal property rather than real estate, the lender generally needs to file a UCC-1 financing statement to protect its priority against other creditors.

The payee can declare the remaining balance immediately due if the note includes an acceleration clause, and can sue to collect. If the note includes a confession-of-judgment clause and the loan isn't a consumer credit sale, lease, or loan, the payee can seek judgment that way, but only through a formal court process requiring the maker's (or the maker's attorney's) appearance and assent, not an automatic entry.

Generally 10 years from a missed payment or the note's stated due date, under Wyoming's statute of limitations for a written contract (Wyoming Statutes Section 1-3-105(a)(i)). Waiting too long can mean losing the right to sue on the note.

Yes. Promissory notes are commonly used for both family loans and business or LLC loans in Wyoming. An isolated private loan like this doesn't require a lender's license, since Wyoming's Uniform Consumer Credit Code licensing requirement applies only to a person regularly engaged in the business of making loans, not to an occasional private transaction.