Free West Virginia Secured Promissory Note Forms

West Virginia Secured Promissory Note Overview

A secured promissory note in West Virginia is a loan agreement where the borrower pledges specific collateral to guarantee repayment. West Virginia law governs the creation, perfection, and enforcement of security interests under the Uniform Commercial Code (UCC) as adopted by the state. The maximum interest rate for most loans in West Virginia is 8% (default).

8% default rate; 6% legal rate; maximum contract rate varies by loan type; consumer loans capped at rates set by Division of Banking. Lenders should verify that the agreed-upon interest rate complies with West Virginia's usury laws before finalizing the note. Charging interest above the legal limit can result in severe penalties, including forfeiture of interest and potential civil liability.

For secured notes involving real property in West Virginia, non-judicial (deed of trust) and judicial foreclosure applies. Understanding your state's foreclosure process is critical because it determines the timeline, costs, and lender's rights in the event of borrower default.

West Virginia Legal Requirements

West Virginia has specific requirements for secured promissory notes. Here's what you need to ensure your note is enforceable under WV law:

Essential Elements

• Written Agreement: The note must be in writing, signed by the borrower, and clearly state the loan terms
• Compliant Interest Rate: Must not exceed West Virginia's 8% (default) usury cap
• Collateral Description: Specific, identifiable description of all pledged property
• Security Agreement: Grant of security interest signed by the borrower (debtor)
• UCC-1 Filing: Filed with the Secretary of State, UCC Division for personal property collateral
• Default Provisions: Clear events of default, cure periods, and remedies including foreclosure/repossession rights

UCC Filing in West Virginia

To perfect a security interest in personal property in West Virginia, the lender must file a UCC-1 financing statement with the Secretary of State, UCC Division. This public filing puts other creditors on notice and establishes the lender's priority in the collateral.

West Virginia Foreclosure & Repossession

West Virginia uses non-judicial (deed of trust) and judicial foreclosure for real property collateral. For personal property (vehicles, equipment, inventory), the lender generally has the right to repossess the collateral without court action, provided it can be done without breaching the peace.

Regarding deficiency judgments in West Virginia: Yes. The lender must follow West Virginia's specific procedures for disposing of collateral in a commercially reasonable manner, providing proper notice to the borrower before any sale.

Sample West Virginia Secured Promissory Note

Below is a preview of our West Virginia-specific secured promissory note. Your customized document will include all terms compliant with WV law.

West Virginia Secured Promissory Note FAQ

Answers to common questions about secured promissory notes, UCC filings, and collateral requirements in West Virginia.

Official West Virginia Resources

Use these official resources to verify West Virginia requirements, file UCC documents, and access state legal information.

Other West Virginia Promissory Note Types

Need a different type of promissory note for West Virginia? We offer state-specific templates for every type.