A North Carolina secured promissory note is a document acting as a contract for debt repayment, with the borrower offering valuable assets as security for a loan from a lender. This document should detail the collateral, loan amount, interest rate, and repayment schedule.
It may also require a co-signer to mitigate the risk of default and guarantee repayment. In the event of non-repayment, the lender is entitled to take ownership of the collateral.
