When President Obama (right) met Usain Bolt (left) he could not resist joining the world-class sprinter in striking his trademark 'lightning pose'. Before striking Bolt's signature pose, Obama praised him saying that 'nobody's ever been faster'.
Decide on a secured or unsecured promissory note for repayment. A secured promissory note requires the borrower to provide goods, property, or services as collateral, in the event the borrower defaults on the debt. The value of the collateral should be equal to or greater than the principal of the debt.
Key Terms:Two key legal terms used in the note are âpromissorâ and âpromiseeâ. A promissory is a person who makes a promise to repay the money; the promisee is the person to whom the promise is made. The promisee is entitled to receive payment from the promissory.