Common Contracts
1 similar Promissory Note Agreement contracts
Promissory note agreement pdfPromissory Note Agreement • March 28th, 2021
A promissory note, or “promise to pay”, is a note that details money borrowed from a lender and the repayment structure. The document holds the borrower accountable for paying back the money (plus interest, if any). There are 2 types of promissory notes, secured and unsecured. A secured note is an agreement for borrowed money with the condition that if it is not paid back to the lender then the security, which is usually an asset or property, is turned over to the lender. Therefore, an unsecured note is an agreement for borrowed money although does not have any assets or property listed as collateral if the note goes unpaid. By Type (2) Secured Promissory Note – For the borrowing of money with an asset
