Arizona Secured Promissory Note

Secured notes require that the borrower provide collateral.

Arizona secured promissory note.

Arizona promissory notes may be secured or unsecured. Arizona secured promissory note author. When a promissory note is secured it means that the borrower promises that if they do not pay off the loan that will give over some piece of property known as collateral to the lender to satisfy at least part of the loan. The arizona secured promissory note is a contractual document that is entered into by a lender and a borrower.

Both the secured and unsecured versions record the parties personal information such as their names and addresses as well as the specifics of the agreement such as interest rates final due dates and installment options. Download the arizona promissory note form in order to document an agreement between an individual who lends funds to an individual who promises to pay the funds back within a specified time period with a specified amount of interest. Because the agreement is secured the lender has a form of security in the possible outcome the borrower defaulting on the agreement. The document establishes the specific terms of a loan payment details term length interest rates etc.

The arizona secured promissory note is a documented promise stating one party the lender will pay another party the borrower a previously established amount of money in exchange for the same amount of money in addition to interest.