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.
This section provides policies that apply to promissory notes, contracts for deed and other property agreements. The evaluation of promissory notes and property agreements depends upon whether the individual is a seller (creditor) or a buyer (debtor) under the agreement. Promissory Notes. Promissory Note Creditor. For the creditor (the owner) of a promissory note, the promissory note is a liquid asset. Count promissory notes as an available asset unless evidence shows it is not available.