Updated April 11, 2022
A Wyoming secured promissory note binds a lender and a borrower (of a monetary balance) into a signed promise requiring the borrower of the loan to reimburse the lender in a predetermined and structured time frame. The template is incorporated with security, which requires the borrower to set aside an asset—such as a home, vehicle, or boat—to be given to the lender in the case of a default. The item is used to cover the balance that was left unpaid because of the default.