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A promissory note is a document detailing money borrowed with repayment terms. There are secured notes, requiring assets as collateral, and unsecured notes, relying on legal action for non-payment. Benefits of a promissory note include payment certainty and marketability. The Uniform Commercial Code outlines requirements for negotiability, including unconditional payment obligations and definite repayment timelines. This reduces ambiguity in the amount owed and facilitates easy transfer.