Oregon Promissory Note With Collateral

State:
Oregon
Control #:
OR-HJ-002-11
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A01 Complaint - Action on Promissory Note
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Secured Promissory NotesThe property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.

There is no legal requirement for most Oregon promissory notes to be notarized. Promissory notes related to real estate loans may require notarization. Most promissory notes in Oregon need to be signed and dated by the borrower and any applicable co-signer.

A secured promissory note should clearly identify the collateral backing the loan. For example, if collateral is being secured by business vehicles, the note should provide their vehicle identification numbers. A small business that is extending credit should also verify collateral is worth enough to cover the debt.

At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.

Secured Promissory NotesThe property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.

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In that case, the lender can enforce the promissory note and demand the total amount (or the collateral if the borrower used an asset to secure the note). The non-collateral promissory note is an unsecured loan that does not use any property or assets to secure the repayment of the note.Optionally, you may also choose to secure the loan with property (for example, you could use a friend's car as collateral). Get free access to the complete judgment in IN MATTER OF CHARRIER v. Most do not assign collateral to the loan in the case of borrower default. A secured promissory note requires that the note's issuer or the borrower provides some form of collateral to the lender of the loan. If the collateral is real property, there will be either a mortgage or a deed of trust. If there's collateral involved, the note identifies the collateral.

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Oregon Promissory Note With Collateral