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A promissory note is a document outlining borrowed money and the repayment structure, categorized into two types: secured and unsecured. A secured promissory note allows the lender to claim an asset if the borrower fails to repay. In contrast, an unsecured note does not link to any asset, requiring the lender to pursue legal action for repayment. Promissory notes offer benefits such as payment certainty, marketability, and judicial certainty under the Uniform Commercial Code (UCC), which establishes requirements for negotiability. Key features include the borrower's unconditional obligation to pay and a definite repayment timeline, reducing uncertainty about the amount owed.
