ThisÂ Pennsylvania Promissory Note should be used when one party is promising to repayÂ money borrowed with interest to a lender. The Note outlines the terms of the loan, payback instructions, and penalties for default or failure to make payments according to the terms and conditions.
AÂ security agreementÂ isÂ a form that documents a security agreement between a debtor (a person who borrows money or goods from another) and a secured party (a party who provides financing for inventory, equipment, or other items necessary to operate a business). The form contains questions concerning details of the items that are subject to the security agreement (collateral), and lists the specific warranties that are made for the items. The form also contains contact information for the debtor and the secured party.