Finance
A promissory note in a Utah real estate transaction:
AIs the security instrument that creates a lien on the property
BIs the borrower's personal promise to repay the debt✓ Correct
CTransfers title to the lender as security
DIs the same as a deed of trust
Explanation
A promissory note is the borrower's personal promise to repay the debt—it is the IOU. The deed of trust is the security instrument that creates the lien. The note can result in a personal judgment; the deed of trust allows foreclosure on the property.
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