A Louisiana secured promissory note is a legal agreement between a borrower and a lender. It involves the borrower pledging an asset as collateral for a loan. The lender receives interest on the loan and has the option to obtain the asset if the borrower defaults.
The promissory note also includes details regarding the loan repayment, such as the initial loan amount, interest rate, installment intervals, late penalties, and the date by which the balance must be paid.
