An Iowa secured promissory note is a legal document outlining the payment terms of a loan backed by collateral. It requires the borrower to designate a personal asset as security, which the lender can sell if the borrower fails to repay the debt.
The note includes the loan amount, interest rate, and repayment period, which must comply with Iowa’s usury rate. Signing the note requires both parties to agree on the terms, and it is recommended to have a witness verify the signatures.
