promissory note Meaning and Definition

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English Translation for promissory note

promissory note

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English definition for promissory note

1. n. a promise to pay a specified amount on demand or at a certain time

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A promissory note is a legal instrument (more particularly, a financial instrument), in which one party (the maker or issuer) promises 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.
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