- promissory note
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promissory note see note
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- promissory note
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n.A document in which the maker promises to pay a certain sum of money on a specified date.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- promissory note
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promissory notes are one species of negotiable instrument. Section 83 of the Bills of Exchange Act 1882 refers to 'an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time, a sum certain in money, to or to the order of a specified person or to a bearer.' A promissory note differs from a bill of exchange in that the maker stands in the place of both the drawer and the acceptor.
Collins dictionary of law. W. J. Stewart. 2001.
- promissory note
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A written promise by one party (called maker, obligor, payor, or promisor) to pay a specific amount of money (called principal) to another party (called payee, obligee, or promisee), which often includes a specified amount of interest on the unpaid principal amount and penalties for failure to pay according to its terms.Category: Business, LLCs & Corporations
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- promissory note
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A written promise to pay. It is a form of debt similar to a loan that a company may issue to raise money.USA+ promissory note, Also known as a note.An instrument containing an unconditional written promise by one party (the maker) to pay a definite sum of money to the other party (the payee) (or to his order, or to bearer) on specified terms. The promissory note can be payable on demand (a demand promissory note, which does not have a specified maturity date but is due on the payee's demand) or at a specified future date.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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A written, signed, unconditional promise to pay a certain amount of money on demand at a specified time. A written promise to pay money that is often used as a means to borrow funds or take out a loan.
Dictionary from West's Encyclopedia of American Law. 2005.
- promissory note
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A written, signed, unconditional promise to pay a certain amount of money on demand at a specified time. A written promise to pay money that is often used as a means to borrow funds or take out a loan.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
- promissory note
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n.a written promise by a person (variously called maker, obligor, payor, promisor) to pay a specific amount of money (called "principal") to another (payee, obligee, promisee), usually to include a specified amount of interest on the unpaid principal amount (what he/she owes). The specified time of payment may be written as: a) whenever there is a demand, b) on a specific date, c) in installments with or without the interest included in each installment, d) installments with a final larger amount (balloon payment). A promissory note may contain other terms such as the right of the promisee to order payment be made to another person, penalties for late payments, a provision for attorney's fees and costs if there is a legal action to collect, the right to collect payment in full if the note is secured by real property and the property is sold ("due on sale" clause), and whether the note is secured by a mortgage or deed of trust or a financing statement (a filed security agreement for personal collateral called UCC-1). The promissory note is usually held by the party to whom the money is owed. There are legal limitations to the amount of interest which may be charged. Charging a rate in excess of the legal limit is called "usury," and this excess is legally uncollectible. When the amount due on the note, including interest and penalties (if any), is paid, the note must be cancelled and surrendered to the person(s) who signed it. A promissory note need only be signed and does not require an acknowledgement before a notary public to be valid.
Law dictionary. EdwART. 2013.
