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.
A promissory note is generally not recordable because it is not attached to any specific property which has a deed. A mortgage (or a deed of trust in some states) is collateral for the repayment of the loan represented by the promissory note. It is analogous to a car title. A mortgage applies to a specific piece of real property, like land and buildings, and can be recorded like a deed.