An Alaska secured promissory note is a legal document that outlines a borrower’s promise to repay a loan, along with specific terms and conditions agreed upon by both parties. It is used in lending transactions when the borrower offers collateral to secure the loan, granting the lender recourse should the borrower default.
In the event of non-payment, the lender retains the right to reclaim the property offered as collateral. They may hold the asset until the outstanding balance is settled, or they can opt to sell the asset and recover the funds from the sale. The collateral may consist of any valuable asset the borrower owns, ranging from real estate and vehicles to other forms of personal property.
