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Legal Forms Glossary

Promissory Note (Secured, lump-sum)

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 is only one large payment due under this note, on a specific date agreed on by the parties.
Corequisite: Security agreement