A Kansas secured promissory note is a binding agreement that involves a borrower pledging collateral to a lender as security for a loan. The collateral typically comprises the borrower’s property or vehicle, or any asset with sufficient value to offset the loan cost.
In the event of non-payment, the lender has the right to seize and sell the collateral to recover the amount owed. This note outlines the loan amount, interest rates, payment terms, and other conditions, ensuring that both parties are aware of their obligations. The lender stands to gain interest on the loan amount, paid in a lump sum or installments.
