Wisconsin Installment Promissory Note and Security Agreement
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FAQ
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.
Often there is no legal requirement that a promise to pay be evidenced in a promissory note, nor any prohibition from including it in a loan or credit agreement. Although promissory notes are sometimes thought to be negotiable instruments, this typically is not the case.
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.
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.
Enforcing a secured promissory note is simply a matter of either repossessing the secured asset through your own efforts, or hiring a professional agency to accomplish the task on your behalf. These agencies will charge a set fee for their services, but they usually have a very high rate of success.
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.
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.
