Updated April 11, 2022
A New Mexico secured promissory note binds the borrower and the lender of a monetary loan on various points of the agreement, including what collateral will be offered by the borrower as security in case of default. Once all points have been completed by the parties and everyone’s signatures have been written on the document, the agreement will go into full effect and the borrower will be legally obliged to make payments to the lender.