What is a Secured Promissory Note?

7. What is a Secured Promissory Note?

  1. A fixed-income investment scheme
  2. A financial product commonly sold by banks, thrift institutions, and credit unions
  3. An obligation for payment without any property securing the payment
  4. A legal agreement that requires a borrower to provide security for a loan

Answer: D) A legal agreement that requires a borrower to provide security for a loan

Explanation:

A secured promissory note is a commitment to pay that is gotten by some kind of property. This intends that if the payor neglects to pay, the payee can hold onto the assigned property to get repayment of the advance. By guaranteeing that the property connected to the note is of adequate worth to cover how much the advance, the payee in this way has an assurance of being reimbursed.

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