Make a Massachusetts Promissory Note

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What Is a Massachusetts Promissory Note?

A Massachusetts promissory note is a written promise between a lender and a borrower. The lender promises to give the borrower a loan. The borrower promises to repay it according to the terms of the agreement. The parties of a Massachusetts promissory note are the lender, the borrower, and, if necessary, a co-signer.

Promissory notes may be either secured or unsecured.

• When a promissory note is secured, the borrower promises to provide collateral. The lender collects the collateral if the borrower defaults on the loan. A car loan is an example of a secured Massachusetts promissory note. If the borrower doesn’t uphold the terms of the agreement, the lender can take the vehicle back.
• An unsecured promissory note does not have collateral.

Promissory notes are subject to both contract law and securities law.

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