# Transferring lender rights
Lender rights are tied to a **“promissory note”** NFT. The promissory note is minted with every new loan and sent to the lender's wallet. If you move the promissory note to another wallet address, you are effectively transferring lenders' rights (to receive the loan repayment or loan collateral in case of default) to that address.
Lenders can transfer their rights to a loan repayment, or collateral if the loan defaults. The representation of the loan from the lender side is known as a promissory note, and is itself and ERC-721 token.
The person to receive the promissory note is always the lender in the transaction. When the NFTfi smart contract recognizes that the loan term has expired and that the borrower has ‘defaulted’ (this just means that the borrower did not repay the loan in time), the holder of that specific promissory note will see in their NFTfi panel that they now have the option to [foreclose](/lend/foreclosing.md) the loan, which means receive the NFT that was provided as collateral.
Therefore the holder of a NFTfi promissory note is always entitled to one of two things at the end of the loan’s term, and those represent its minimal intrinsic value.
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The token itself shows the main parameters of the loan, and the collection for promissory notes can be found here: . The standard Opensea transfer function can be used to transfer NFTfi promissory notes in the same way you would transfer any other NFT on Opensea.
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