formal unconditional promise in writing to pay on demand or at a future date a definite sum of money. The person who signs the note and promises to pay is called the maker of the note. The person to whom payment is to be made is called the payee of the note.

written promise committing the maker to pay the payee a specified sum of money either on demand or at a fixed or determinable future date, with or without interest. Instruments meeting these criteria are negotiable . Often called, simply, a note .

written promise to pay, frequently used in installment loans and commercial loans. Apromissory note is the legal evidence of a debt, a promissory note may be transferred to a third party as a negotiable instrument . The holder of a promissory note who wants payment before the maturity date can negotiate it by endorsing the note and presenting it to the payer for payment.

a promise to pay a specified sum to a specified person under specified terms .

Example: Figure 152.

negotiable instrument wherein the maker agrees to pay a specific sum at a definite time; often simply called a note.