Updated April 11, 2022
A West Virginia secured promissory note binds a lender and a borrower into an agreement requiring the borrower of a monetary balance to reimburse the lender as previously determined by both parties. Because this note is secured, the borrower will be required to set aside an item such as a home, vehicle, or boat that will be used to cover the remaining balance that is left unpaid if the borrower defaults on the loan.