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Promissory note
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A promissory note issued by the Second Bank of the United States, December 15, 1840, for the amount of $1,000.A promissory note, referred to as a note payable in accounting, is a contract where one party (the maker or issuer) makes an unconditional promise in writing to pay a 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. They differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists.
Contents [hide]
1 Overview
2 See also
3 References
4 External links
[edit] Overview
The terms of a note typically include the principal amount, the interest rate if any, and the maturity date. Sometimes, provisions are included concerning the payee's rights in the event of a default, which may include foreclosure of the maker's assets. Demand promissory notes are notes that do not carry a specific maturity date, but are due on demand of the lender. Usually the lender will only give the borrower a few days notice before the payment is due.[1]
