This document is a promissory note and chattel mortgage between a borrower and Priority1 Lending Corp. The document is a chattel mortgage agreement between a mortgagor and mortgagee.Use this promissory note (IOU) form to lend or borrow money. You can choose from one of the four types of loans accessible within this form. Losing a promissory note can have serious consequences for a lender since the possessor of the document is likely the only party who can enforce it. This section provides policies that apply to promissory notes, contracts for deed and other property agreements.