A promissory note is a negotiable instrument, wherein one party (the maker or issuer) makes an unconditional promise 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, under specific terms.
Referred to as a note payable in accounting, or commonly as just a "note", it is internationally regulated by the Convention providing a uniform law for bills of exchange and promissory notes. Bank note is frequently referred to as a promissory note: a promissory note made by a bank and payable to bearer on demand.
Read more about Promissory Note: Overview, History, Difference From IOU, Difference From Loan Contract
Famous quotes containing the word note:
“What is line? It is life. A line must live at each point along its course in such a way that the artist’s presence makes itself felt above that of the model.... With the writer, line takes precedence over form and content. It runs through the words he assembles. It strikes a continuous note unperceived by ear or eye. It is, in a way, the soul’s style, and if the line ceases to have a life of its own, if it only describes an arabesque, the soul is missing and the writing dies.”
—Jean Cocteau (1889–1963)