A power of attorney that allows a person to transfer ownership of a note. Note powers are commonly used in secured loan transactions to ensure that where the collateral includes a promissory note owned by the borrower, the lender can enforce its security interest in the note. Note powers are usually signed by the borrower (as the payee of the note) at the closing of the secured loan, but they are left undated and the lender's name (as the intended transferee) is not added. If the lender later decides to foreclose on the note following a default by the borrower, the lender completes the note power and sends it to the underlying obligor to effect the transfer at that time.