promissory note

English

Pronunciation

  • (General American) IPA(key): /ˈpɹɑmɪsɔɹiˌnoʊt/
  • Audio (US):(file)

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; the primary purposes of a promissory note are to evidence the debt obligation incurred, and to establish terms for payment thereof.
    Synonym: note payable
    Hypernyms: negotiable instrument < instrument, note
    Coordinate term: bill of exchange
    Near-synonym: IOU

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See also