Legal Forms Glossary

Promissory Note (Secured, installment)

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. The payments under this note are of equal amounts over time. On the due date, one final payment of any remaining amounts will be made.
Corequisite: Security agreement