The Idaho Multistate Promissory Note — Secured is a legal document that outlines the terms and conditions of a loan agreement between a lender and borrower, specifically designed for use in the state of Idaho. This type of promissory note is particularly used when the borrower is providing collateral to secure the loan. In Idaho, there are several types of Multistate Promissory Notes — Secured, each catering to specific loan situations. These include: 1. Real Estate Secured Promissory Note: This type of promissory note is commonly used when the loan is secured by real estate property, such as a house or a piece of land. It specifies the details of the property being used as collateral and provides guidelines in case of default. 2. Vehicle Secured Promissory Note: When the loan is secured by a vehicle, such as a car or a motorcycle, this type of promissory note is utilized. It outlines the make, model, and identification details of the vehicle used as collateral. 3. Equipment or Asset Secured Promissory Note: If the loan is secured by specific equipment or any other valuable asset, this type of promissory note is employed. It describes the equipment or asset in detail along with its estimated value. 4. Personal Property Secured Promissory Note: In case the loan is secured by personal property other than real estate or vehicles, this type of promissory note is applicable. It lists the specific personal property being used as collateral and its estimated value. Regardless of the type, an Idaho Multistate Promissory Note — Secured typically includes essential details such as the loan amount, interest rate, repayment terms, late payment charges, default consequences, and any additional provisions agreed upon by both parties. It is crucial to consult with a legal professional when drafting or signing a Multistate Promissory Note — Secured in Idaho to ensure compliance with state laws and to protect the rights and interests of all parties involved.