secured-promissory-note

name	secured-promissory-note
title	Secured Promissory Note
description	Drafts U.S. secured promissory notes for commercial lending with lender-protective terms, UCC Article 9 collateral grants, and state usury compliance. Trigger when the user needs a secured promissory note, lender note, collateral-backed loan note, or UCC-1 financing instrument.
author	CaseMark
author_url	https://github.com/CaseMark/skills/tree/main/skills/legal/secured-promissory-note
license	Apache-2.0
version	0.1.0
execution_mode	open
jurisdiction	us
practice	finance
language	en
tags	["agreement","corporate","drafting","transactional"]

Secured Promissory Note

Draft an enforceable secured promissory note for a commercial loan with collateral-backed repayment.

Quick Start

Gather before drafting:

1. Parties — borrower and lender legal names, entity types, states, addresses, authorized signatories.
2. Deal terms — principal, interest structure (fixed/variable, index, margin, floor/cap), day-count convention, payment schedule, maturity, prepayment, fees, default rate.
3. Collateral — description with sufficient detail for UCC Article 9; filing jurisdictions (debtor location, fixture/real property).
4. Governing law — state, venue, dispute resolution preference.
5. Related documents — security agreement, guaranty, subordination/intercreditor, board/manager approvals.

Workflow

1. Collect intake fields; flag unresolved items before drafting.
2. Draft using the section outline and template below.
3. Insert optional clauses only when deal-specific.
4. Run the review checklist.

Intake Fields

Field	Req	Notes
Borrower name, entity, state, address	Yes	Exact registered name and suffix
Lender name, entity, state, address	Yes	Match org docs
Effective date / funding date	Yes	Note if different
Principal amount	Yes	Numeric and words
Interest rate type	Yes	Fixed/variable; index, margin, floor/cap
Day-count convention	Yes	actual/360, actual/365, or 30/360
Payment schedule	Yes	Frequency, amortization or balloon
Late fee / grace period	Yes	—
Default interest rate	Yes	Confirm within legal limits
Prepayment terms	Yes	Penalty, exceptions
Collateral description	Yes	Category + itemized detail
UCC filing jurisdictions	Yes	Debtor location; fixture/real property filings