A Montana secured promissory note is a document that establishes a loan agreement where a borrower pledges personal property as collateral, enhancing the lender’s repayment prospects. It outlines payment schedules and interest rates, reducing misunderstandings and increasing timely repayments. In case of default, the lender may claim the collateral, ensuring financial protection. This agreement clarifies terms and secures the lender’s investment by detailing default consequences.
