Is a promissory note a security interest?

Under new 1-201(37), "security interest" includes "an interest of a buyer of accounts, chattel paper, a payment intangible, or a promissory note." Of course, the use of notes as collateral securing other obligations has always been covered by Article 9; see, e.g., In re Southern Oregon Mortg.

Allegheny Pennsylvania Secured Promissory Note

Name: Allegheny Pennsylvania Secured Promissory Note
Brand: US Legal Forms
Rating: 4.71 (418 reviews)

Category:

Promissory Notes - Secured

State:

Multi-State

County:

Allegheny

Control #:

US-00601

Format:

Instant download

Upgrade to a Package! This form is part of a package. Get several related forms for the price of one! Go to Package

Description

This form is a secured Promissory Note. The note includes a provision which describes the collateral to be used as security on the loan. The form also contains a section which details various actions which would constitute default on the note.

Easement for Utilities

View this form

Release of Labor Lien

View this form

How to fill out Allegheny Pennsylvania Secured Promissory Note?

Are you looking to quickly create a legally-binding Allegheny Secured Promissory Note or probably any other document to manage your own or corporate matters? You can go with two options: contact a professional to write a legal document for you or create it completely on your own. The good news is, there's a third option - US Legal Forms. It will help you get neatly written legal papers without having to pay unreasonable prices for legal services.

US Legal Forms offers a huge collection of over 85,000 state-compliant document templates, including Allegheny Secured Promissory Note and form packages. We offer templates for a myriad of use cases: from divorce paperwork to real estate documents. We've been on the market for over 25 years and got a rock-solid reputation among our customers. Here's how you can become one of them and obtain the needed template without extra hassles.

To start with, carefully verify if the Allegheny Secured Promissory Note is tailored to your state's or county's regulations.
If the document comes with a desciption, make sure to verify what it's suitable for.
Start the searching process again if the form isn’t what you were seeking by utilizing the search box in the header.
Select the subscription that is best suited for your needs and proceed to the payment.
Select the file format you would like to get your document in and download it.
Print it out, fill it out, and sign on the dotted line.

If you've already registered an account, you can simply log in to it, find the Allegheny Secured Promissory Note template, and download it. To re-download the form, just head to the My Forms tab.

It's stressless to find and download legal forms if you use our catalog. Additionally, the paperwork we offer are reviewed by law professionals, which gives you greater peace of mind when writing legal matters. Try US Legal Forms now and see for yourself!

Form Rating

4.71

Satisfied(418)

Form popularity

FAQ

There is no legal requirement for most promissory notes to be witnessed or notarized in Pennsylvania (promissory notes related to real estate may need to be notarized). Still, the parties may decide to have the document certified by a notary public for protection in the event of a lawsuit.

A secured promissory note, as the name partially implies, is secured by some form of property (i.e. collateral), while an unsecured promissory note does not involve collateral. If the borrower defaults on a Secured Promissory Note, the lender gets to keep the collateral (the property that was used to secure the loan).

Under new §1-201(37), "security interest" includes "an interest of a buyer of accounts, chattel paper, a payment intangible, or a promissory note." Of course, the use of notes as collateral securing other obligations has always been covered by Article 9; see, e.g., In re Southern Oregon Mortg.

Scope of the term security interest and scope of the UCC It includes retention of title by a seller of goods, as well as many consignments of goods. The UCC treats the interest of a buyer of accounts, chattel paper, payment intangibles, or promissory notes as a security interest.

Unlike a deed of trust or mortgage, the promissory note is typically not recorded in the county land records (except in a few states like Florida). Instead, the lender holds on to this document until the amount borrowed is repaid.

In general, under the federal Securities Acts, promissory notes are defined as securities, but notes with a maturity of 9 months or less are not securities.

A note is a debt security obligating repayment of a loan, at a predetermined interest rate, within a defined time frame. Notes are similar to bonds but typically have an earlier maturity date than other debt securities, such as bonds.

A Promissory Note may be secured or unsecured. In case of a secured note, the borrower will be required to provide a collateral such as property, goods, services, etc., in the event that they fail to repay the borrowed amount.

It must include all the mandatory elements such as the legal names of the payee and maker's name, amount being loaned / to be repaid, full terms of the agreement and the full amount of liability, beside other elements. The note must clearly mention only the promise of making the repayment and no other conditions.

Interesting Questions

More info

Document, in the register of deeds office in ALLEGHENY COUNTY, PENNSYLVANIA. Completing Discovery and Filing PreTrial Statement.Fill out the form to access a sample of Practical Guidance. Debtor signed a promissory note in favor of WaMu and executed a deed to secure debt granting a security interest in the Property to WaMu. Be rendered in the form of a resolution of Council. The promissory notes contained the following language: "The borrower waives demand, presentment for payment, protest and notice. And promissory notes is also a ''debtor. '' Id. § 9-102(a)(28). Unsecured Loans, Promissory Notes, and Revolving Credit.

This would not be enforceable against Bank of America or any other bank. See, for example, § 9-2104(a)(4) of The Uniform Commercial Code. It would not be enforceable against an individual unless the creditor had obtained a default judgment against him, a judgment for the debt or a security interest in the Property. § 9-2104(a)(1). Thus, for example, if there was an unpaid back tax of the 150,000, the debtor would have to file a suit against an individual with that debt. He couldn't sue on the promissory note alone. § 9-1403(c). “The debtor would then have to demonstrate that a defendant is acting solely as an agent for a third party creditor, or acting under a conspiracy or other arrangement. § 9-1403(b).” § 2104(a)(4). Note: A Bank of America mortgage would have to be in one of the three categories of securitized loans and secured by a mortgage, second mortgage, or second mortgage-equivalent obligation in order to be considered promissory note.

Disclaimer
The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.

Allegheny Pennsylvania Secured Promissory Note

Description

Related forms

Viewed forms

How to fill out Allegheny Pennsylvania Secured Promissory Note?

Show more info

Form Rating

Form popularity

FAQ

Does a promissory note need to be notarized in Pennsylvania?

What makes a promissory note secured?

Is a promissory note a security interest?

Does a promissory note create a security interest?

What is a promissory note secured by?

Do promissory notes need to be recorded?

What type of security is a promissory note?

What makes a note a security?

Is a promissory note secured or unsecured?

What are the conditions of promissory note?

Interesting Questions

What is Allegheny Secured Promissory Note956363?

How does a secured promissory note work?

What can be used as collateral in an Allegheny Secured Promissory Note956363?

What happens if the borrower fails to repay the debt in an Allegheny Secured Promissory Note956363?

Can the terms and conditions of an Allegheny Secured Promissory Note956363 be negotiated?

What should be included in an Allegheny Secured Promissory Note956363?

More info

Trusted and secure by over 3 million people of the world’s leading companies