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A promissory note, commonly known as an "IOU" is a legal contract between a borrower and a lender. The document legallly binds the borrower to repay the lender the money borrowed, plus interest if applicable. A secured promissory note is backed by collateral, such as real estate, while an unsecured note does not have collateral associated with it. A promissory note is related to a loan agreement

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Connecticut Promissory Note: What Is It?

A Connecticut promissory note is a legal document, through which one person is promising to repay a loan of some sort that was given by the other person. A Connecticut promissory note should include the amount that is due, when the payments are due, where the payments should be sent, and what will happen if the debtor defaults on the debt.

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