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Security agreements are generally used to supplement a secured promissory note. The note is the borrower's actual promise to repay the money it received. The enclosed security agreement assumes the existence of a secured promissory note, but that agreement is not included with this package.
General Definition. Promissory notes are defined as securities under the Securities Act. However, notes that have a maturity of nine months or less are not considered securities.
When you borrow money and offer assets to secure the loan, you will be asked to sign a promissory note and security agreement. These documents protect both the lender and borrower by spelling out exactly what terms you are agreeing to.
Secured Promissory Notes A secured promissory note is an obligation to pay that is secured by some type of property. This means that if the payor fails to pay, the payee can seize the designated property to obtain reimbursement of the loan.
A secured promissory note may include a security agreement as part of its terms. If a security agreement lists a business property as collateral, the lender might file a UCC-1 statement to serve as a lien on the property.
