A West Virginia secured promissory note is a crucial financial instrument that formalizes the lending agreement between the borrowing and lending parties. By pledging personal property, such as homes or vehicles, as collateral, the borrower ensures repayment of the loan according to the contract’s terms.
This legally binding document specifies details such as the loan amount, interest rate, repayment schedule, and penances for late payments. Once both parties sign it, it provides the lender with the necessary security to mitigate the risk of default. Thus, the inclusion of collateral protects the lender’s interests and ensures they can recoup the loan amount if non-payment occurs,
