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A promissory note is a document outlining borrowed money and repayment terms, categorized as secured or unsecured. A secured note includes an asset or property that can be claimed by the lender if repayment fails, while an unsecured note does not provide such security, requiring legal action for recovery if payments are missed. Promissory notes offer benefits like certainty of payment, marketability, and judicial assurance under the Uniform Commercial Code (UCC), which defines negotiability standards. Key requirements include an unconditional obligation to pay and a specific repayment timeline, enhancing clarity on the amount owed and ensuring easier transferability.
