Updated April 06, 2022
An Idaho secured promissory note is an agreement utilized by two parties who plan on engaging in a money leasing transaction. The lender in the agreement collects interest on an amount loaned to a borrower who either makes weekly or monthly payments or one lump sum payment. Both parties will need to agree on all aspects of the agreement before writing their signature on the document. Additionally, a witness should verify both parties signed the document themselves for legal purposes.