A written contract between a borrower/debtor and a lender/creditor in which the borrower agrees to repay a loan granted by the lender. The contract specifies the amount of the loan and the terms of repayment. American Banker Glossary
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Written pledge to pay. Bloomberg Financial Dictionary
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A note that represents a promise by a borrower to repay a loan. Promissory notes are not classed as securities. Failure to pay a promissory note renders the borrower immediately liable to be sued for payment.
► See also Security.
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promissory note UK US noun [C] (ABBREVIATION P-note, or P note) FINANCE
► a legal document that contains a promise to pay a stated amount of money to a stated person either on a fixed date or when the money is demanded: »
Steiner signed a promissory note pledging to repay Williams $35,000 by Dec. 29, 2013.
Financial and business terms. 2012.