promissory note

noun

promissory note

noun

US /ˈpɹɑmɪsɔɹiˌnoʊt/

1

Business, 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.

  • Near-synonym: IOU
Related terms
draft

Entry derived from the Wiktionary, under licence CC BY-SA 4.0 — list of authors.