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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 · What Is a Promissory Note? 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...
Sep 23, 2024 · Understand the meaning of a promissory note, how it’s used, and its key components. Find out when you need a promissory note and how to create one.
Jan 17, 2016 · A promissory note is a financial tool used to put the terms of a loan in writing. The note spells out the amount borrowed by one party, as well as how and when the money will be paid back. A promissory note is a legal contract that binds the borrower by law.
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.
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, unde...
Jun 21, 2023 · Promissory notes are a simple but vital component of borrowing money. These legal documents are issued by the lender to secure their right to be repaid. Read on to learn more about what promissory notes are, how they work, and how to create your own. This blog post is offered for general information purposes only.
PROMISSORY NOTE definition: 1. a document that contains a promise to pay a stated amount of money to a stated person either on…. Learn more.
Mar 4, 2022 · A promissory note is a promise to pay. It's common in real estate, but different from a mortgage. It can be either secured or unsecured.
Oct 5, 2022 · A promissory note is simply a promise in writing, stating that the borrower will pay back the full amount of a loan under the lender’s terms of repayment. It’s often used for home loans, car loans, student loans, personal or business loans, and for more informal arrangements between family or friends.
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. A frequent type of promissory note used by banks is a certificate of deposit.
