Updated April 06, 2022
A Mississippi secured promissory note organizes the major details of a money-loaning transaction between two parties (a lender and borrower). The template helps ensure the borrower is clear on the conditions of the note such as when to make payments, the repercussions of being late on a payment, and the results of defaulting on the note. If the borrower enters into default on the note and cannot recover, the lender is granted the item(s) put into security to help cover the unpaid balance.