Promissory Note in New York

Federal & State Law Editorial TeamLast reviewed: April 2026

New York Requirements

Civil usury cap: 16% per year (Banking Law § 14-a)
Criminal usury: 25% per year (1st-degree at 25%+ in pattern; class E felony)
Loans over $250,000 (non-real-estate) and $2.5M (real estate) exempt from civil usury
Mortgage Recording Tax applies to NY mortgages (varies by county; ~1.8% in NYC)
Statute of limitations: 6 years on written contracts (CPLR § 213)

Filing Location

No filing required; secured notes with mortgage at county clerk / NYC City Register

Filing Fee

None for the note; mortgage recording fees + mortgage recording tax

Statute Reference

N.Y. Gen. Oblig. Law § 5-501 (civil usury); N.Y. Penal Law § 190.40 (criminal usury)

How to Complete This Form

1Obtain a blank quitclaim deed form that complies with your state's requirements.
2Enter the full legal name and address of the grantor (the person transferring the property).
3Enter the full legal name and address of the grantee (the person receiving the property).
4Include the complete legal description of the property (obtained from the current deed or county records).
5Sign the deed in the presence of a notary public and any required witnesses.
6File the deed with the county recorder's office along with any required transfer tax forms and fees.
7Keep a copy of the recorded deed for your records.

Download Form Template

Download a template for the Promissory Note customized with New York-specific requirements and instructions.

Promissory Note in Other States

California Texas Florida Illinois Pennsylvania Ohio Georgia North Carolina Michigan Alabama Alaska Arizona Arkansas Colorado Connecticut Delaware Hawaii Idaho Indiana Iowa Kansas Kentucky Louisiana Maine

Other Forms in New York

Quitclaim Deed Power of Attorney Last Will and Testament Living Will / Advance Directive LLC Operating Agreement Residential Lease Agreement Eviction Notice Small Claims Court Complaint Divorce Petition Name Change Petition Warranty Deed Bill of Sale Prenuptial Agreement Rental Application Demand Letter Affidavit of Service Non-Disclosure Agreement Non-Compete Agreement Child Support Modification Petition

When to Talk to a Lawyer

Your situation involves complex legal issues or significant financial consequences.
You are unsure whether the form meets your state's specific requirements.

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.