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A promissory note is a document outlining borrowed money and its repayment terms, consisting of two types: secured and unsecured notes. A secured promissory note includes an agreement that if the borrower fails to repay, the lender can seize a specified asset or property. In contrast, an unsecured note does not involve collateral, meaning the lender must pursue legal action to recover owed funds if payments are missed. Promissory notes offer several advantages, such as ensuring timely payment and greater transferability. Under the Uniform Commercial Code (UCC), the borrower's payment obligation must be unconditional and due at a set time, reducing uncertainty about the owed amount.
