An unconditional promise to pay a certain amount of money to a named party or the holder of the note, or to deposit that money as such persons direct. A promissory note must be in writing and signed by the maker of the promise.
Definition from Nolo’s Plain-English Law Dictionary
A written promise by one party (called maker, obligor, payor, or promisor) to pay a specific amount of money (called principal) to another party (called payee, obligee, or promisee), which often includes a specified amount of interest on the unpaid principal amount and penalties for failure to pay according to its terms.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:22 pm