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promissory note |
Also found in: Legal, Financial, Wikipedia, Hutchinson | 0.06 sec. |
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promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. The holder of a note made payable to bearer may transfer his rights to another by delivery of the note. If the note is payable to order, it may be transferred by endorsement and delivery. promissory noteShort-term credit instrument consisting of a written promise by one person to pay a specified amount of money to another on demand or at a given future date. Promissory notes were in use in Europe as early as the Renaissance. They are often negotiable and may be secured by the pledge of collateral. The instrument changed substantially during the 20th century, when various clauses were added regarding payment and other provisions—for example, authorizing the sale of collateral, permitting extensions of time, and allowing acceleration of payment in the event of default. See also bill of exchange. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Herrmann should not preclude the deductibility of a promisory note given in exchange for a nonparticipating spouse's community property interest in the participant's pension plan, as long as adequate consideration is given for the note. At the closing date of the sale, the buyer paid less than 30 percent of the purchase price to the taxpayer (the threshold for installment sales treatment at that time) and delivered four promisory notes payable over the next four years for the remainder. The widow receives a downpayment of $6,320 and takes back a promisory note of $56,880 amortized over 12 years at 11 percent. |
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promisory
