A promissory note that is secured by a mortgage is:

• A. Primary evidence of the debt
• B. A pledge of goods
• C. An instrument of conveyance
• D. Security deed

Answer: (A)

The main idea is separating the debt from its security. A promissory note is the document that creates and evidences the borrower's obligation to repay the loan—it states how much is owed, the interest rate, and the payment terms. When that note is secured by a mortgage, the mortgage serves as the security instrument that places a lien on the real property to protect the lender if the borrower defaults. So the promissory note is the primary evidence of the debt, while the mortgage simply secures that debt with property. The other options describe different concepts (pledge of goods, conveyance of title, or a different type of security instrument) and do not capture the role of the note as the debt evidencing document.