Colorado Installment Promissory Note and Security Agreement
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How to fill out Installment Promissory Note And Security Agreement?
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FAQ
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. If the collateral is personal property, there will be a security agreement.
A security interest arising out of a sale of a promissory note (i.e., an instrument) is perfected automatically, without additional action, when it attaches. See Section 9-304(4) of the Uniform Commercial Code.
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.
There is no legal requirement for a promissory note to be witnessed or notarized in Colorado. Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.
Generally, a Secured Promissory Note will be secured using an additional document. If the property being used as collateral is personal property, the Note will be secured using a Security Agreement. If the property being used as collateral is real property, the Note will be secured using a Deed of Trust.
A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.
In general, the promissory note is your written promise to repay the loan and a security agreement is used when collateral is given for the loan.