A Kentucky secured promissory note is a legal contract between a lender and a borrower. It guarantees that the borrower will repay the loaned amount along with interest, on time and in full.
To secure the loan, the borrower must pledge collateral, which the lender can claim if the borrower defaults on the repayments. This added security protects the lender from financial loss and encourages borrowers to fulfill their repayment obligations.
