Indiana Installment Promissory Note and Security Agreement

State:
Multi-State
Control #:
US-09090
Format:
Word; 
Rich Text
Instant download

Description

This form is an Installment Promissory Note and Security Agreement. The maker is obligated to pay the lender in monthly installments, with interest. The form also provides a description of the collateral to be used in securing the loan.
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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.

In general, under the federal Securities Acts, promissory notes are defined as securities, but notes with a maturity of 9 months or less are not 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 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.

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.

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Indiana Installment Promissory Note and Security Agreement