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Legal Forms Glossary

Promissory Note (Secured, interest only)

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 interest only, with one large payment of the remaining amounts before a certain date.
Corequisite: Security agreement