Promissory note with collateral security and power of sales
Place: - ___________________
Date: - ____________________
_______ months after date, for value received, I promise to pay to ____________, or order, Rupees _________________ and interest at the rate of ______per cent per annum, for such further time as said principal sum or any part shall remain unpaid, I having deposited with this obligation, as collateral security, ________ shares of the capital stock of the ________ Bank of __________, with authority to sell same without notice either at public or private sale, or otherwise, at the option of the holder or holders thereof, on the nonperformance of this promise, he or they giving me credit for any balance of the net proceeds of such sale remaining after paying all sums due from me to the said holder or holders, or to his or their order. And it is further agreed that the holder or holders hereof may purchase at the said sale.
[Signature of the maker]