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Secured Demand Promissory Note for the United States

Secured Demand Promissory Note Template for United States

A Secured Demand Promissory Note is a legally binding document used in the United States that combines a promise to pay a specific sum with a security interest in collateral. It provides the lender with the right to demand full payment at any time and includes provisions for claiming the specified collateral if the borrower defaults. The document is governed by both federal laws and state-specific regulations, particularly the Uniform Commercial Code.

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Secured Demand Promissory Note

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What is a Secured Demand Promissory Note?

A Secured Demand Promissory Note is commonly used in lending transactions where immediate collateral protection is required. This document is particularly useful in business loans, equipment financing, and other scenarios where the lender needs both the flexibility to demand repayment and security in specific assets. Under U.S. law, it must comply with the Uniform Commercial Code and state-specific requirements. The note typically includes detailed information about the loan amount, interest rate, security interest, and default provisions. It differs from standard promissory notes by combining payment obligations with security interests, making it a more robust instrument for lenders.

What sections should be included in a Secured Demand Promissory Note?

1. Parties: Identification of lender and borrower with full legal names and addresses

2. Promise to Pay: Principal amount and unconditional promise to repay the loan

3. Interest Rate: Specified interest rate, calculation method, and compounding frequency

4. Security Interest: Description of collateral securing the note and rights of the lender

5. Payment Terms: When and how payments must be made, including payment methods and due dates

6. Default Provisions: Circumstances constituting default and consequences of default

7. Signature Block: Execution by borrower with date and notarization requirements

What sections are optional to include in a Secured Demand Promissory Note?

1. Prepayment Provisions: Terms for early repayment and any associated penalties or benefits

2. Late Payment Penalties: Additional charges for late payments and grace period details

3. Acceleration Clause: Right to demand full payment upon specified trigger events

4. Attorney's Fees: Provisions for recovery of legal costs in case of enforcement

What schedules should be included in a Secured Demand Promissory Note?

1. Schedule A - Collateral Description: Detailed description of security/collateral including serial numbers, locations, and specifications

2. Schedule B - Payment Schedule: Detailed payment schedule with specific dates and amounts if applicable

3. UCC-1 Financing Statement: Standard form for recording security interest in the collateral

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Clauses

















Industries

Uniform Commercial Code (UCC): Primary framework governing commercial transactions, specifically Article 3 (Negotiable Instruments) and Article 9 (Secured Transactions), which provide rules for creation, perfection, and enforcement of security interests

State Usury Laws: State-specific regulations that govern maximum allowable interest rates and related terms in lending transactions

State Secured Transaction Laws: State-specific requirements for creating and maintaining valid security interests, including any local variations from UCC Article 9

Truth in Lending Act (TILA): Federal law requiring disclosure of key terms and costs in consumer credit transactions, including certain promissory notes

Fair Debt Collection Practices Act (FDCPA): Federal law governing debt collection practices and protecting debtors from abusive collection tactics

Federal Reserve Regulations: Various regulations affecting lending practices, interest rates, and banking transactions in the United States

State Statutes of Limitations: Time limits set by state law for bringing legal action to enforce the note or collect on the debt

Securities Laws: Federal and state regulations that may apply if the note could be classified as a security, including Securities Act of 1933 requirements

Bankruptcy Code: Federal laws governing creditors' rights and automatic stay provisions in bankruptcy proceedings

Recording Requirements: State and local requirements for recording security interests and UCC filing procedures to perfect the security interest

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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