Promissory Note - Simple (Demand or Single Payment) - Alaska
Promissory Note — Alaska
Before signing: This form is for a private, unsecured, single-payment or demand loan. Sign and deliver it only after the principal has been advanced; date the note as of that advance. Confirm the interest rate against the current 12th Federal Reserve District advance rate on the signing date if principal is $25,000 or less. Loans above $25,000 are outside AS 45.45.010(b)'s formula, but other applicable limits may still govern. Section 45.45.010(a) states a 10.5% general rate on overdue money subject to subsection (b); this Note adds no default interest rate.
Date: [__/__/____] Principal: $[____]
For value received, Maker [FULL LEGAL NAME], at [MAILING ADDRESS], unconditionally promises to pay to the order of Payee [FULL LEGAL NAME], at [MAILING ADDRESS], the principal stated above, together with interest selected below, in United States dollars.
If a person signs as Co-maker below, that person makes the same unconditional payment promise jointly and severally with Maker. Both signatures concern the one principal amount stated above, not separate loans.
1. Interest and payment
Interest: ☐ No interest; ☐ Simple interest at [____]% per year on the unpaid principal. For each day, interest equals unpaid principal multiplied by the selected annual rate divided by 365 if that day falls in an ordinary calendar year, or by 366 if it falls in a leap calendar year. The selected rate shall not exceed the lawful rate for this transaction; an uncompleted rate means no interest is agreed. No compounding or default interest is agreed.
Payment: choose one before signing.
☐ Single payment: Principal and accrued interest are due on [__/__/____], a date after the loan advance.
☐ Demand: Payee may demand payment by written notice delivered to Maker at the address above; principal and accrued interest are due when Maker receives the demand. If this option is selected, no fixed maturity date applies.
Payments shall be made by [CHECK / BANK TRANSFER / OTHER METHOD] to [PAYMENT ADDRESS OR ACCOUNT]. Maker may prepay all or part without a fee. A partial payment is applied first to accrued interest, then to principal. Payee shall give Maker a receipt or updated balance on request.
2. Missed payment and collection
If Maker fails to pay when due, Payee may demand the unpaid balance by written notice. No late fee or acceleration charge is agreed. Any court-awarded judgment interest is determined under AS 09.30.070(a), including its written-contract exception; this Note does not promise a particular judgment rate. An action to enforce this note is subject to AS 45.03.118(a)-(b): generally six years after the stated due date or demand, with the statute's no-demand ten-year nonpayment rule for a demand note.
3. General terms
Alaska law governs. An amendment or extension must be in writing and signed by Maker and Payee. If one provision is unenforceable, the balance remains effective. No collateral, guaranty, or other undertaking is created by this Note. Payee shall mark the original note paid or provide a written payoff acknowledgment after full payment.
Maker signature: [SIGNATURE] Printed name: [____] Date: [__/__/____]
Co-maker, if any: [SIGNATURE] Printed name: [____] Mailing address: [____] Date: [__/__/____]
Payee acknowledgment of terms: [SIGNATURE] Printed name: [____] Date: [__/__/____]
About this template
- Last updated
- October 2, 2026
- Citations checked
- October 2, 2026
- Jurisdiction
- Alaska
- Category
- Financial & Banking
Legal authority
- AS 45.03.104(a)
- AS 45.03.108(a)-(b)
- AS 45.03.112(a)-(b)
- AS 45.03.116(a)
- AS 45.45.010(a)-(b), (h)
- AS 45.45.020
- AS 45.03.118(a)-(b)
- AS 09.30.070(a)
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 2, 2026.
AS 45.03.104(a) (checked October 2, 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 45.03.108(a)-(b) (checked October 2, 2026): "A promise or order is payable on demand if it (1) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder; or (2) does not state a time of payment."
AS 45.03.112(a)-(b) (checked October 2, 2026): "Unless otherwise provided in the instrument, an instrument is not payable with interest, and interest on an interest-bearing instrument is payable from the date of the instrument."
AS 45.03.116(a) (checked October 2, 2026): "Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and severally liable in the capacity in which they sign."
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