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- Dictionaryprom·is·so·ry note/ˈprämisərē ˌnōt/
noun
- 1. a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.
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Feb 27, 2024 · A promissory note is a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money,...
Promissory Note Meaning. A promissory note is a legal, financial tool declared by a party, promising another party to pay the debt on a particular day. It is a written agreement signed by drawer with a promise to pay the money on a specific date or whenever demanded.
Jun 18, 2024 · The meaning of PROMISSORY NOTE is a written promise to pay at a fixed or determinable future time a sum of money to a specified individual or to bearer.
Apr 26, 2024 · Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame.
A Promissory Note will state that a person will pay an amount of money to another on a specified date. On the other hand, an Acknowledgment Receipt will state that a person has received an amount of money or goods from another person.
A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee ), either at a fixed or determinable future time or on demand of the payee, und...
Jan 17, 2016 · A promissory note is a legal contract that binds the borrower by law. If the borrower fails to repay the money according to the terms of the note, the lender may file a civil lawsuit to obtain a judgment, and possibly take additional action, to get his money back.
Mar 4, 2022 · Definition and Example of a Promissory Note . A promissory document identifies the terms of a loan agreement, the lender, and the borrower. It cites how much money is being borrowed and the frequency and amount of required payments. A promissory note should also indicate the interest rate being charged and the
A promissory note is an unconditional promise to pay a certain amount of money to a named party or the holder of the note, or to deposit that money as such persons direct. A promissory note must be in writing and signed by the maker of the promise.
Jun 27, 2024 · A promissory note is a mortgage document promising to pay back a lender under certain terms. The note includes information such as how much you're borrowing and the mortgage interest rate. The ...
