What is an Unsecured Promissory Note?

6. What is an Unsecured 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: C) An obligation for payment without any property securing the payment

Explanation:

An unsecured promissory note is a commitment for an instalment with next to no property getting the instalment. On the off chance that the payor neglects to pay, the payee should record a claim and trust that the payor has adequate resources that can be seized to fulfil the advance. If the payor doesn't have adequate resources, the payee is in a tough situation. If the payor petitions for financial protection, the payee's case is behind the cases of any gotten banks.

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