Define Note Payable. Differentiate between a secured and unsecured note.
A note payable is a written promise to pay a stated sum at one or more specified dates in the future. A secured note payable is one that has attached to it (or coupled with it) a mortgage document which commits specified assets as collateral to guarantee payment of the note when due. An unsecured note is one that does not have specific assets pledged, or committed, to its payment at maturity. A secured note carries less risk for the note holder (creditor).
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