promissory note

   A document that states that a person (usually called the maker or payor) promises to pay a specific amount of money to another (usually called the payee) on a specific date. Promissory notes often specify the amount of interest payments to be made on unpaid amounts. The time of payment may be on demand, on a specific date, or in installments, with or without interest included in each installment. The note may contain other terms and conditions, such as the right of the payee to order that payment be made to another person or penalties for late payments. A promissory note is normally held by the party to whom the money is owed; when the amount due on the note is paid, the note must be cancelled and given to the person(s) who signed it.

Business law dictionary. 2015.

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  • promissory note — see note Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. promissory note …   Law dictionary

  • Promissory note — Promissory Prom is*so*ry, a. Containing a promise or binding declaration of something to be done or forborne. [1913 Webster] {Promissory note} (Law), a written promise to pay to some person named, and at a time specified therein, or on demand, or …   The Collaborative International Dictionary of English

  • Promissory note — (engl., spr. prommissĕrĭ nōt), im Gebiete des englischen Rechtes ein dem eignen (trocknen) Wechsel entsprechender Verpflichtungsschein …   Meyers Großes Konversations-Lexikon

  • promissory note — An unconditional, written, signed promise to pay a certain amount of money on demand or at a certain date defined in the future. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • promissory note — ► NOUN ▪ a signed document containing a written promise to pay a stated sum …   English terms dictionary

  • promissory note — n. a written promise to pay a certain sum of money to a certain person or bearer on demand or on a specified date …   English World dictionary

  • Promissory note — A 1926 Promissory Note from the Imperial bank of India, Rangoon, Burma for 20,000 Rupees plus interest A promissory note is a negotiable instrument, wherein one party (the maker or issuer) makes an unconditional promise in writing to pay a… …   Wikipedia

  • Promissory note — Written promise to pay. The New York Times Financial Glossary * * * promissory note promissory note ➔ note1 * * *    A note that represents a promise by a borrower to repay a loan. Promissory notes are not classed as securities. Failure to pay a… …   Financial and business terms

  • promissory note — A written contract between a borrower/debtor and a lender/creditor in which the borrower agrees to repay a loan granted by the lender. The contract specifies the amount of the loan and the terms of repayment. American Banker Glossary Written… …   Financial and business terms

  • promissory note — [[t]prɒ̱mɪsəri noʊt, AM sɔːri[/t]] promissory notes N COUNT A promissory note is a written promise to pay a specific sum of money to a particular person. [mainly AM] ...a $36.4 million, five year promissory note …   English dictionary

  • promissory note — UK [ˈprɒmɪsərɪ ˌnəʊt] / US [ˈprɑmɪˌsərɪ ˌnoʊt] noun [countable] Word forms promissory note : singular promissory note plural promissory notes a document giving the details of your promise to pay someone a particular amount of money by a specific… …   English dictionary

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