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Legal Dictionary

promissory note

Legal Definition of promissory note

Noun

  1. An unconditional, written and signed promise to pay a certain amount of money, on demand or at a certain defined date in the future. Contrary to a bill of exchange, a promissory note is not drawn on any third party holding the payor's money; it is a direct promise from the payor to the payee.

Definition of promissory note

Noun

promissory note (plural promissory notes)

  1. (finance) A document saying that someone owes a specific amount of money to someone else, often with the deadline and interest fees.

Synonyms

  • note payable

Hypernyms

See also

References:

  1. Wiktionary. Published under the Creative Commons Attribution/Share-Alike License.



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