Legal Forms Glossary

Promissory Note (Secured, demand)

A contract in which one party agrees to pay a certain amount of money to the other party, either at specific times or when the other party demands it. This note is "secured," which means if the borrower doesn't pay, the lender can take specific property of the borrower's as repayment. There are no regular payments under this note. The full amount is due whenever the lender demands it.
Corequisite: Security agreement