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.
1. Promissory Notes Are Legally Binding. 1  A promissory note or promissory letter is a legally binding document that obligates an individual or organization to pay another individual or organization a certain amount of money in a certain amount of time.