Updated on February 15th, 2022
A Delaware secured promissory note is a debt repayment agreement where a borrower puts up assets as collateral to secure a loan from a moneylender. The document may be used to agree on the interest rate, how often payments are to be made, and to describe the assets in question being used as collateral. Examples of property/assets commonly used for financial backing include motor vehicles, boats, real estate, stocks and bonds, and savings accounts.
Should the borrower default on the loan, the overdue funds will be charged at the maximum interest rate allowed by state law until the loan is no longer in default.
Unsecured Promissory Note – An uncollateralized debt repayment instrument.
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