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A promissory note is a document outlining borrowed money and its repayment terms, categorized into two types: secured and unsecured. A secured promissory note is linked to collateral, allowing the lender to claim an asset if the borrower defaults. In contrast, an unsecured note does not involve collateral, requiring the lender to pursue legal action for repayment if necessary. Promissory notes offer benefits such as guaranteed payment and marketability, with their negotiability governed by the Uniform Commercial Code (UCC). The borrower's obligation to pay must be unconditional and due at a specified time, enhancing certainty regarding the owed amount and simplifying the transfer process.
