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A promissory note is a document outlining borrowed money and its repayment terms. There are two types: secured and unsecured. A secured promissory note allows the lender to claim an asset if the borrower fails to repay, while an unsecured note does not provide such security, making legal action necessary for recovery if payments are missed. Promissory notes offer benefits like payment certainty, marketability, and judicial certainty under the Uniform Commercial Code (UCC). The UCC specifies that the borrower's obligation must be unconditional and due at a definite time, reducing ambiguity regarding the owed amount and facilitating easier transferability.
