LOCAL RULES

New Brunswick promissory note requirements

Your New Brunswick promissory note has 8 rules to meet. ReportDraft puts every one on your checklist and checks your draft before you sign.

  • 2 years to sue, 15 years at most
  • Small Claims Court up to 20,000 dollars, interest included
  • Demand loans have their own 2-year rule (s. 11)
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A New Brunswick promissory note follows the federal rules on this page, and New Brunswick's Limitation of Actions Act has its own section for demand loans: 2 years from the default after the demand, or 15 years from when the lender could first demand, whichever comes first. Here is each provincial rule.

Last reviewed November 3, 2026 against the official sources listed below.

Promissory noteNEW BRUNSWICK / FREE CALCULATOR

Repayment schedule

PaymentDateAmountInterestPrincipalBalance
1December 1, 2026$1,010.02$15.00$995.02$2,004.98
2January 1, 2027$1,010.02$10.02$1,000.00$1,004.98
3February 1, 2027$1,010.00$5.02$1,004.98$0.00
Totals$3,030.04$30.04$3,000.00

3 monthly payments of $1,010.02, the last adjusted to the cent. Interest at 6% a year, calculated monthly on the unpaid balance.

Checks for the lender (not printed on the note)

WhatResultRule
Yearly rate stated on the note6% a year (effective 6.17% with monthly compounding): a rate stated only by the month or week would be capped at 5% a yearInterest Act s. 4
Criminal interest rateUnder the limit of 35% a year (6.17%), counting all fees and charges as interestCriminal Code s. 347
Last day to sue if the final payment is missedFebruary 2, 2029 (2 years from the day after the final payment on February 1, 2027); each earlier missed payment runs from its own dateLimitation of Actions Act (N.B.) s. 5
A part payment or a signed written acknowledgementUnder the Limitation of Actions Act, starts the period again from that day if made before it runs outLimitation of Actions Act (N.B.) s. 19, 20
Where to file for this amountSmall Claims Court of New Brunswick: claims up to $20,000, including interest to judgmentSmall Claims Act (N.B.) s. 5; N.B. Reg. 2012-103 s. 3
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What New Brunswick requires

  • No claim may be brought after the earlier of two years from the day it is discovered and fifteen years from the day of the act or omission it is based onLimitation of Actions Act, s. 5 (1), (2)
  • The Small Claims Court of New Brunswick hears actions for debt or damages of up to 20,000 dollars, and that amount includes interest to the date of judgment (costs are extra)Small Claims Act, s. 5 (1), (2) ยท General Regulation 2012-103, s. 3
  • A claim for failure to repay a demand loan must be brought by the earlier of two years from the day of default after the demand for repayment and fifteen years from the day the lender was first entitled to demand repaymentLimitation of Actions Act, s. 11
  • A claim to recover the principal of a debt secured on real or personal property may not be brought after 15 years from the day the security was taken, and a payment on a debt is presumed to be a payment of both principal and interestLimitation of Actions Act, s. 12 (2), (3)
  • A written acknowledgement, or a part payment, made by the defendant to the claimant before the limitation period expires starts the period again; an admission in correspondence marked without prejudice, or that reserves the limitation defence, does not countLimitation of Actions Act, s. 19 and 20

Demand notes

A demand note must be enforced by the earlier of 2 years from default after your demand and 15 years from the day you could first demand repayment, usually the date of the note. An instalment note follows the general rule: 2 years from discovery, 15 at most.

Payments and acknowledgements

A payment or a written acknowledgement made to you before the period ends restarts it; a payment is presumed to cover both principal and interest.

Small Claims Court

Notes up to 20,000 dollars, counting interest to the date of judgment.

Common mistakes

  • Holding a demand note for 15 years without demanding payment.
  • Forgetting that interest counts toward the 20,000 dollar limit.
  • Stating only a monthly rate.

Sources

Last reviewed November 3, 2026. Next review due February 3, 2027. This page explains published rules to help you write your report. It is not legal advice; the official text linked above governs.