Updated March 14, 2022
An Alaska secured promissory note is a signed document between two parties that contains a written promise to pay back the other within a specified time frame. The ‘secured’ part of the promissory note relates to the fact that if the borrower does not pay back the loan by the due date, the lender is guaranteed to receive a previously agreed upon possession(s) such as autos, boats, homes, or other material objects.