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A promissory note is a document detailing borrowed money and the repayment structure. There are two types: secured and unsecured. A secured promissory note requires that if the borrower fails to repay, the lender can claim an asset or property. In contrast, an unsecured note does not allow this, which means the lender may need to pursue legal action, such as small claims court, if payments are not made. Promissory notes offer benefits like certainty of payment, marketability, and judicial certainty under the Uniform Commercial Code (UCC). The borrower's obligation to repay must be unconditional and within a definite timeframe, enhancing the note's reliability and ease of transfer.
