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.
Using Collateral to Secure the Note. The difference between a regular promissory note and a secured promissory note is that the borrower pledges collateral to the lender to âsecureâ the payment of the loan.sing Collateral to Secure the Note. The difference between a regular promissory note and a secured promissory note is that the borrower pledges collateral to the lender to âsecureâ the payment of the loan.