What is the function of a promissory note or bond when used in conjunction with a mortgage

While legal descriptions of the property are important in mortgage documents, they are typically included in the mortgage itself rather than in the promissory note or bond. The primary purpose of the promissory note is to establish the borrower's obligation, not to describe the property.

The validity of a mortgage is established through the mortgage agreement, which includes necessary elements such as legal descriptions and terms of the loan. A promissory note complements this by detailing the borrower's promise to repay, but it does not independently provide the valid elements required for the mortgage itself.

This choice misrepresents the nature of a promissory note. In the event of default, the lender's rights extend beyond merely collecting interest; they can pursue the principal amount and take legal action to recover the owed debt, including foreclosure on the property if necessary. Thus, the promissory note does not limit the lender's rights.