Official Maine Promissory Note Form | Step-by-Step Guide
Written promise to pay a debt
Document Preview
PROMISSORY NOTE
State of Maine
Principal Amount: $[AMOUNT]
Date: [DATE]
FOR VALUE RECEIVED, the undersigned ("Borrower") promises to pay to [LENDER NAME] ("Lender"), or order, the principal sum of $[AMOUNT], together with interest.
BORROWER:
Name: [BORROWER NAME]
Address: [ADDRESS]
City, State, ZIP: [CITY], ME [ZIP]
LENDER:
Name: [LENDER NAME]
Address: [ADDRESS]
City, State, ZIP: [CITY], ME [ZIP]
TERMS:
1. Interest Rate: [RATE]% per annum
2. Payment Schedule: [SCHEDULE]
3. Payment Amount: $[AMOUNT] per [PERIOD]
4. Due Date: [DATE]
LATE PAYMENT: A late fee of $[AMOUNT] will be charged for payments more than [DAYS] days overdue.
DEFAULT: If Borrower defaults, Lender may declare the entire unpaid balance immediately due and payable.
PREPAYMENT: Borrower may prepay without penalty.
GOVERNING LAW: This note is governed by Maine law (ME Statutes).
BORROWER SIGNATURE: _____________________ DATE: _____
Where to File Your Promissory Note in Maine
Visit your local County Clerk office to file or notarize your Promissory Note.
Maine County Clerk
Maine Capital
Main Government Building, Maine
District County Clerk
Maine Metro Area
County Courthouse, ME
Maine Promissory Note Requirements
Review the following requirements to ensure your Promissory Note is legally valid in Maine.
Maine Notarization
While notarization may not be required in Maine, it is recommended. Fees range from $5-$10.
Before You Sign
Review all information carefully. In Maine, a 5.5% sales tax may apply.
Legal Protection
Keep copies of all signed documents. Maine law requires all parties to receive copies of executed documents.
Maine Filing Deadlines
Check Maine deadlines for filing or recording this document with the appropriate county clerk's office.
FAQ: Promissory Note in Maine
Is a Promissory Note required in Maine?
Yes, in Maine, a Promissory Note is required for most transactions of this type. Under Maine State Code, the document must include all parties' information, be signed, and witnessed by at least one individual. Failure to use a proper Promissory Note may result in legal complications.
Does a Promissory Note need to be notarized in Maine?
Notarization requirements in Maine (ME) vary by transaction type. Notary fees in the state typically range from $5-$10. While not always mandatory, notarization adds an extra layer of legal protection and is recommended for high-value transactions.
What are the tax implications of a Promissory Note in Maine?
Maine has a base sales tax rate of 5.5%. Depending on the type of transaction documented in your Promissory Note, additional local taxes may apply. Consult with a Maine tax professional for specific guidance on your situation.
Is a promissory note legally binding?
Yes, a properly executed promissory note is a legally binding contract. It must include the principal amount, interest rate (if any), payment terms, maturity date, and signatures of the borrower. Some states require notarization for certain amounts.
What happens if a borrower defaults on a promissory note?
If a borrower defaults, the lender can demand immediate payment of the full balance, charge late fees as specified in the note, report to credit bureaus, and take legal action to collect the debt. The note should specify the remedies available upon default.
Can I charge any interest rate on a promissory note?
No, interest rates are subject to state usury laws, which set maximum allowable rates. Charging interest above the legal limit can result in penalties and may make the entire note unenforceable. Check your state's usury limits.
Michael Chen, Esq.
Real Estate Law Consultant
Bar Certified, Real Estate Expert
Expert in property transactions and real estate documentation
This Promissory Note template for Maine has been reviewed for accuracy and legal compliance.
Last reviewed: March 2026
Promissory Note Costs in Maine
Estimated fees and processing times
| Fee Type | Cost | Notes |
|---|---|---|
| Notary Fee | $5-$15 (if required) | Maine standard rate: $5-$10 |
| Filing Fee | Varies by state | State registration (if applicable) |
| Processing Time | 1-3 business days | Typical turnaround in Maine |
| Sales Tax | 5.5% | Maine base rate (local taxes may apply) |
| Witness Requirement | 1 witness | Single witness sufficient |
| Our Template | FREE | Download instantly, no cost |
Maine Promissory Note Legal Guide
According to Maine laws, this agreement holds legal weight once properly signed and notarized, ensuring compliance with state regulations.
In Maine, according to Maine State Code, a 5.5% sales tax applies to applicable transactions. Notary fees in ME typically range from $5-$10. A single witness signature is sufficient under state law.
By utilizing this state-specific template, you avoid common mistakes that could invalidate your document in Maine.
How to Complete This Form
Start by gathering all necessary information: party names, addresses, and relevant details specific to your transaction. Maine law under ME requires accuracy in every field. Once completed, have all parties review the document before signing. Depending on the transaction type, Maine may require notarization or witness signatures.
Enforceability in Maine
A Promissory Note that meets all ME requirements is fully enforceable in Maine. Courts in Maine have consistently upheld documents that demonstrate clear intent, proper execution, and compliance with state formalities. Keep your original signed copy in a secure location.
What Maine Attorneys Want You to Know
Practicing lawyers in Maine emphasize three things: accuracy, completeness, and compliance with ME statutes. A well-prepared Promissory Note saves time, money, and potential legal headaches down the road. When in doubt, a brief consultation with a Maine-licensed attorney is worth the investment.
ME Compliance Checklist
Before finalizing your Promissory Note, verify that it meets Maine's legal standards:
- Full legal names and addresses of all parties
- Clear description of the subject matter
- Consideration or purpose stated explicitly
- Dated and signed by all required parties
- Notarized if mandated by ME statute
A Promissory Note that meets all ME requirements is fully enforceable in Maine. Courts in Maine have consistently upheld documents that demonstrate clear intent, proper execution, and compliance with state formalities. Keep your original signed copy in a secure location.
What Maine Attorneys Want You to Know
Practicing lawyers in Maine emphasize three things: accuracy, completeness, and compliance with ME statutes. A well-prepared Promissory Note saves time, money, and potential legal headaches down the road. When in doubt, a brief consultation with a Maine-licensed attorney is worth the investment.
ME Compliance Checklist
Before finalizing your Promissory Note, verify that it meets Maine's legal standards:
- Full legal names and addresses of all parties
- Clear description of the subject matter
- Consideration or purpose stated explicitly
- Dated and signed by all required parties
- Notarized if mandated by ME statute
Before finalizing your Promissory Note, verify that it meets Maine's legal standards:
- Full legal names and addresses of all parties
- Clear description of the subject matter
- Consideration or purpose stated explicitly
- Dated and signed by all required parties
- Notarized if mandated by ME statute
Other Forms in Maine
Promissory Note in Neighboring States
Document Information
- Document
- Promissory Note
- State
- Maine (ME)
- Category
- Financial
- Format
- PDF / Word / Print
- Cost
- 100% Free
- Sales Tax
- 5.5%
- Notary Fee
- $5-$10
Maine Legal Requirements
Governing Statute:
State Commercial Code
- ✓Must be in writing for amounts over $500
- ✓Clear payment terms required
- ✓Interest rate must comply with usury laws
- ✓Signature of borrower required
📊 Promissory Note vs. Loan Agreement in Maine
Legal Disclaimer
This template is for informational purposes only and does not constitute legal advice. Laws in Maine may change. Consult a licensed attorney for advice specific to your situation.