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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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Indiana Promissory Note: What Is It?

An Indiana promissory note is a written promise of a person to repay another person for a loan or because personal property was financed. An Indiana promissory note lists the amount that was loaned, the amount of the payment, and when each payment is due. In Indiana, some promissory notes are designated as loans while others are designated as security interests.

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