promissory note


promissory note
1. a written promise to pay a specified sum of money to a designated person or to his or her order, or to the bearer of the note, at a fixed time or on demand.
2. a written promise to do or provide something, usually presented as a gift and claimable when or however the recipient chooses.
[1700-10]

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Short-term credit instrument consisting of a written promise by one person to pay a specified amount of money to another on demand or at a given future date.

Promissory notes were in use in Europe as early as the Renaissance. They are often negotiable and may be secured by the pledge of collateral. The instrument changed substantially during the 20th century, when various clauses were added regarding payment and other provisions
for example, authorizing the sale of collateral, permitting extensions of time, and allowing acceleration of payment in the event of default. See also bill of exchange.

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      short-term credit instrument consisting of a written promise by one person (maker) to pay a specified amount of money to another on demand or at a given future date. Promissory notes are often negotiable and may be secured by the pledge of collateral.

      Promissory notes were in use in Europe during the Renaissance. The instrument changed substantially during the 20th century, both in form and use; clauses were added, including those that authorize the sale of collateral, permit extensions of time, and permit acceleration of payment in event of default.

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Universalium. 2010.

Synonyms:

Look at other dictionaries:

  • 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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