Connecticut Installment Promissory Note and Security Agreement
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FAQ
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.
An installment note is a form of promissory note calling for payment of both principal and interest in specified amounts, or specified minimum amounts, at specific time intervals.
A Promissory Note may be secured or unsecured. In case of a secured note, the borrower will be required to provide a collateral such as property, goods, services, etc., in the event that they fail to repay the borrowed amount.
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.
If the issuer of the note sells a note as an investment to persons who resemble investors, in an offering that resembles a securities offering, then the note is a security.
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.
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.
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.
