Maryland Secured Promissory Note Template

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Updated April 11, 2022

A Maryland secured promissory note puts two parties into a binding promise that requires the borrower of a monetary balance to reimburse a lender the original balance plus interest in a timely fashion. If the borrower defaults on the loan, the lender has the right to seize the listed collateral, such as a home, vehicle, or another asset. To promote timely payments, the lender has the option to issue a late fee if the borrower fails to make a payment a certain amount of days after the due date.