A Maryland secured promissory note is a legal document outlining the terms and conditions of a loan backed by collateral. The borrower pledges an asset as collateral to the lender, which offers assurance that the debt will be paid. In the event of default, the lender has the right to seize and sell the collateral to recover the outstanding balance.
The note specifies the repayment schedule and any applicable late fees for overdue payments. By signing the note, both parties enter into a binding agreement that requires the borrower to repay the loan and the lender to provide the loan amount.
