A Minnesota secured promissory note is a legal document used to guarantee repayment of a loan by granting the lender a security interest in the borrower’s assets. This interest allows the lender to legally claim and seize pledged assets in case of default.
To ensure enforceability, the promissory note must include a detailed description and value of the security interest, which can be any valuable asset such as a vehicle, real estate, bank accounts, or investments.
