Promissory Note requirements in Utah
- Include the amount of money loaned and the date of the loan.
- Specify the interest rate, if any. Utah usury laws apply, but for most private loans, the rate is 10% per year unless agreed otherwise.
- State the repayment schedule: lump sum, installments, or on demand.
- Both the borrower and lender must sign the note.
- A witness or notary is not required in Utah but is strongly recommended for enforceability.
- Include the borrower's and lender's full names and addresses.
The process in Utah
- Use a promissory note template that meets Utah requirements
- Fill in the loan amount, date, interest, and repayment terms.
- Clearly state if the loan is secured or unsecured.
- Print the note and have both parties sign it. Add a notary block if you want extra legal protection.
- Make copies for both parties. Keep the original in a safe place.
- For real estate loans, record the note with the county recorder if it's secured by a deed of trust.
Download a free promissory note template for Utah and fill it out in minutes.
Create your promissory noteBudgeting for a Promissory Note
Creating a promissory note in Utah is free if you write it yourself. Using an online template or lawyer will cost between $20 and $200. Notarization typically costs $10 to $20 per signature. Filing a deed of trust with the county has a small recording fee, usually around $30.
Before You Create a Utah Promissory Note
Gather the essentials and understand Utah-specific rules to make your note valid and enforceable.
- Confirm the loan amount, interest rate, repayment schedule, and due date—all must be clear and agreed upon.
- Identify both parties with full legal names and addresses; if secured by collateral, describe it precisely.
- Decide whether the note will be secured or unsecured; for real estate collateral, consult a title company or attorney.
- Utah does not require notarization, but having it notarized is recommended and can help with court enforcement.
- Know that Utah courts do not require witnesses, but a witness can help verify signatures if challenged.
- If you sue on the note, you must file in the correct Utah district court based on amount and location, so keep a copy of the note and payment records.
DIY vs. hiring a lawyer for your Promissory Note
| Option | Cost | Time | Best for |
|---|---|---|---|
| DIY with a template | ~$40 | Minutes | Standard situations |
| State-specific template (recommended) | Low, one-time | ~15 min | Most people |
| Hire an attorney | $200–$1,500+ | Days–weeks | Complex cases |
Most people complete their promissory note online in about 15 minutes with a state-specific template — the same structure attorneys use, without the hourly bill.
FAQs
Is a promissory note enforceable in Utah without a notary?
Yes, as long as both parties sign it. Notarization is not required, but it can help prove authenticity and prevent disputes.
What is the interest rate limit on a promissory note in Utah?
Utah's legal interest rate is 10% per year unless you agree to a different rate in writing. For large loans, usury laws apply, but for most personal loans, 10% is the default.
Can I use a promissory note template for a personal loan in Utah?
Yes, a promissory note template is a valid way to create a personal loan agreement. Just make sure it includes all necessary terms and is signed by both parties.
What happens if the borrower defaults on a promissory note in Utah?
You can sue the borrower for the unpaid amount, plus interest and court costs. If the loan is secured, you can also foreclose or repossess the collateral.