Drafting a Promissory Note: Essential Steps for a Legally Binding Agreement
A secured promissory note is backed by collateral, such as property or other assets, which the lender can claim if the borrower defaults. For personal property, filing a UCC-1 financing statement with the state provides public notice of the lender’s security interest. Conversely, an unsecured promissory note is not supported by collateral, relying solely on […]