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New York Secured Promissory Note Template

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New York Secured Promissory Note Template

Updated April 11, 2022

A New York secured promissory note establishes a mutual knowledge of the major details of a money lending deal between a lender and borrower. The lender makes a profit from the deal by earning interest on top of being reimbursed the original loaned balance. If the borrower is late on payments, he or she could receive late fees; and if payments are missed entirely, the borrower could enter into default on the balance. In this document, a section titled “security” requires the borrower to set aside an asset to be given to the lender in the case of a default to help offset the unpaid balance.

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