Promissory Note - Installment Payment - Alaska
INSTALLMENT PROMISSORY NOTE — ALASKA
Before you use this: Complete the payment dates, amounts, and rate before signing. Check the agreed rate and any charge treated as interest under AS 45.45.010–.030; subsection .010(b)'s limit has a principal-over-$25,000 exception, and subsection .010(h) gives priority to another applicable rate statute. This note does not reduce or cure an unlawful charge automatically.
Date issued: [__/__/____]
Place issued: [CITY], Alaska
For value received, [MAKER FULL LEGAL NAME] (“Maker”), of [MAKER MAILING ADDRESS], unconditionally promises to pay to the order of [PAYEE FULL LEGAL NAME] (“Payee”), of [PAYEE MAILING ADDRESS], the principal sum of $[PRINCIPAL AMOUNT], with interest on the unpaid principal at [____]% per year from [__/__/____]. Interest is calculated on a [365-day / 360-day] year using the actual number of days elapsed.
1. Installment payments
Maker shall pay [NUMBER] installments of $[AMOUNT] each on [SPECIFIC DATES OR A FIXED MONTHLY DUE DAY: __________________________________], beginning [__/__/____]. The final installment, including all unpaid principal and accrued interest, is due [__/__/____] (“Maturity Date”). If the last installment differs, its amount is $[AMOUNT]. An attached schedule may show the arithmetic but does not change these payment dates or amounts unless Maker and Payee sign an amendment to this note.
Pay at [PAYMENT ADDRESS OR ACCOUNT] or at another place that the person entitled to enforce this note designates by written notice. Each payment is applied first to accrued interest and then to principal. The person receiving a payment shall provide a receipt on request.
2. Prepayment
Maker may pay all or part of the unpaid balance early without a prepayment charge. A partial prepayment reduces principal after accrued interest is paid; it does not postpone the remaining scheduled due dates unless Maker and Payee agree in writing.
3. Missed payment and acceleration
If an installment is unpaid [____] days after its due date, the person entitled to enforce this note may give Maker written notice identifying the missed payment. If Maker does not pay it within [____] days after receiving that notice, that person may declare the unpaid principal and accrued interest immediately due. No acceleration occurs automatically.
After maturity or valid acceleration, unpaid principal bears interest at [____]% per year, but no more than the rate allowed by applicable law. Interest already accrued is not added to principal for the purpose of calculating further interest.
4. Alaska law and enforcement
Alaska law governs this note. A dispute concerning it shall be resolved in a court with jurisdiction in [ALASKA JUDICIAL DISTRICT], subject to mandatory venue and jurisdiction rules.
For an action to enforce payment of a note payable at a definite time, AS 45.03.118(a) generally measures a six-year period from a stated due date or an accelerated due date, subject to its exceptions. This note does not waive a limitations defense.
5. Signatures
Maker signs this promise on the date stated above.
Maker: _______________________________ Date: [__/__/____]
Printed name: [________________________________]
Additional maker, if any: _______________________________ Date: [__/__/____]
Printed name: [________________________________]
Payee's receipt acknowledgment (optional): _______________________________ Date: [__/__/____]
Sources and References
About this template
- Last updated
- October 5, 2026
- Citations checked
- October 5, 2026
- Jurisdiction
- Alaska
- Category
- Financial & Banking
Legal authority
- AS 45.03.104(a), as amended by ch. 49 SLA 2026, § 37 (negotiable instrument)
- AS 45.03.106(a)-(b) (unconditional promise and references)
- AS 45.03.108(b) (definite payment time)
- AS 45.03.112(a)-(b) (interest in an instrument)
- AS 45.03.118(a) (time to enforce a definite-time note)
- AS 45.45.010(a), (b), (h) (interest limits and other governing statutes)
- AS 45.45.020 (prohibition on excess interest)
- AS 45.45.030 (recovery of interest received or collected above the limit)
Financial and banking documents govern loans, security interests, account agreements, and commercial transactions between lenders, borrowers, and financial institutions. Promissory notes, guaranties, security agreements, and UCC filings have precise legal requirements, and mistakes can leave a lender unsecured or a borrower on the hook for more than they agreed to. Well-drafted finance paperwork protects both sides and keeps the deal enforceable if something goes wrong later.
Not legal advice
This template is provided for informational purposes. We recommend having an attorney review any legal document before signing, especially for high-value or complex matters.
Checked against the law it cites
A reviewer verified this template's legal citations against the official source on October 5, 2026.
AS 45.03.104(a), ch. 49 SLA 2026 § 37 (checked October 5, 2026): "a term that specifies the law that governs the promise or order; or (E) an undertaking to resolve in a specified forum a dispute concerning the promise or order."
AS 45.03.104(a) (checked October 5, 2026): "negotiable instrument means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order"
AS 45.03.106(a)-(b) (checked October 5, 2026): "A reference to another writing does not of itself make a promise or order conditional. (b) A promise or order is not made conditional (1) by a reference to another writing for a statement of rights with respect to collateral, prepayment, or acceleration"
AS 45.03.108(b) (checked October 5, 2026): "A promise or order is payable at a definite time if it is payable on elapse of a definite period of time after sight or acceptance or at a fixed date or dates or at a time or times readily ascertainable at the time the promise or order is issued, subject to rights of (1) prepayment; (2) acceleration"
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