Updated April 11, 2022
An Ohio secured promissory note is a signed template that includes a written promise (from the borrower) to pay back the lender in a specified time frame. If the borrower fails to reimburse the lender in a timely and full fashion, the lender can collect the asset that was put into security by the borrower. Items that are typically used as security include homes, vehicles, or boats. The secured item typically has a similar value to the note.