Promissory Note
A written promise by one party to pay a specified sum of money to another party at a definite time or on demand.
Encyclopedia entry: Promissory Note
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promissory note
Promissory note is an unconditional promise to pay a fixed sum of money to a named party or the holder of the note , or to deposit that money as such person's direct. A promissory note must be in writing and signed by the maker of the promise.
[Last reviewed in March of 2026 by the Wex Definitions Team
]
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.