An Ohio secured promissory note is a legal agreement in which a borrower pledges valuable assets like real estate, vehicles, or investment accounts as collateral to guarantee loan repayment. This document outlines the loan’s terms, including the amount, interest, and repayment method (installments or lump sum).
If the borrower defaults, the collateral is forfeited to the lender as compensation. The note ensures the lender can recover the loan value through the secured assets if repayment is not met.
