Finance
A mortgage note in Indiana is a:
ADocument that creates a lien on real property
BPersonal promise to repay the mortgage debt, outlining the loan terms✓ Correct
CSurvey of the property pledged as collateral
DTitle insurance commitment
Explanation
A promissory note (mortgage note) is the personal promise to repay the loan. The mortgage (or deed of trust) is the separate security instrument that pledges the real property as collateral. Both are typically signed at closing.
Related Indiana Finance Questions
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