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South Dakota Promissory Note
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South Dakota at a glance: Usury Limit: No limit (if written) · Default Legal Rate: 12% per year · Governing Law: S.D. Codified Laws § 54-3-4
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Overview
Promissory Notes in South Dakota
South Dakota does not limit interest rates on written contracts. If no interest rate is written in the note, the default legal rate is 12% per year.
Key Facts
South Dakota Promissory Note — Quick Reference
| Requirement | South Dakota Rule |
|---|---|
| Usury Limit | No limit (if written) |
| Default Legal Rate | 12% per year |
| Governing Law | S.D. Codified Laws § 54-3-4 |
Legal Requirements
South Dakota Legal Requirements
- Agreement must be in writing to justify any agreed rate.
Governing Laws
South Dakota Governing Laws
S.D. Codified Laws § 54-3-4
Legal Rate of Interest
Defines the legal rate and permits unlimited written rates.
Read the full text of these laws at Cornell Law School's South Dakota legal resources or your state legislature's official website.
Questions & Answers
South Dakota Promissory Note — Frequently Asked Questions
Is there a limit on interest rates in South Dakota?
No, South Dakota has no usury cap on signed written agreements.