A Colorado secured promissory note is a binding agreement where a debtor is granted a loan under the condition that they put up personal assets as collateral. Most lenders will require some form of collateral to offset their financial risk; real estate, motor vehicles, and equipment are some of the assets that may be pledged. The debtor and lender will use the form to agree to terms regarding the payment schedule, the interest owing on the loan, and provisions regarding what will happen in the event of late payment or default.

Related Forms

Unsecured Promissory Note – Details the terms and conditions of a loan granted without collateral.

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