promissory note

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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 Note


(in Russian, soto-veksel’), a written promise of payment bearing only one signature—that of the person owing the payment. In Russian, a simple bill of exchange (prostoi veksel’) is also called a promissory note to distinguish it from a transferable bill of exchange (perekhodnyi veksel’).

References in periodicals archive ?
Long-term liability for the convertible note payable was reduced to $918,648 from $1,418,648 for the year ending December 31, 2005.
The balance of the purchase price was provided by the issuance of a $17,300,000 note payable with Wachovia Bank, National Association.
875% Note will receive the conversion value of the note payable in cash up to the principal amount of the note and the amount of the notes' conversion value in excess of such principal amount will be payable in shares of IVAX' common stock.