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A promissory note is a document outlining borrowed money and the repayment terms, categorized into secured and unsecured notes. A secured promissory note requires collateral, meaning that if repayment fails, the lender claims the specified asset. In contrast, an unsecured promissory note lacks collateral, requiring the lender to pursue legal action for repayment. Promissory notes offer benefits such as certainty of payment, marketability, and judicial certainty under the Uniform Commercial Code (UCC). The borrower's repayment obligation must be unconditional and due at a specific time, which reduces ambiguity regarding the owed amount and facilitates transferability.
