A Mississippi secured promissory note is an agreement between a lender and a borrower that outlines the terms of a loan and the consequences of not meeting those terms. If the borrower fails to repay the loan by a specified date or misses payments in an installment plan, the lender is entitled to seize the security provided by the borrower.
The security will be held until the loan, including any accrued interest and late fees, is fully repaid. This type of note helps clarify the conditions of the loan and the consequences of defaulting.
