- A legal acknowledgement of a debt and the promise to pay it back. The note details the loan amount, interest rate, and loan term.
promissory note, note payable
Related Terms and Acronyms
- Certificate of Sale — Definition,
- An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
- Commercial Paper (CP) — Acronym,
- Unsecured notes issued by companies that mature within nine months. Generally, commercial paper is issued only by the larger and more credit worthy companies.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Contract For Deed (CFD) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
- Foreign Currency (FCY) — Acronym,
- Paper money and coins from other countries.
- Foreign Exchange (F/X, FX, FOREX, FE) — Acronym,
➥ Bank account transaction code.
- Various instruments used to settle payments for transactions between individuals or organizations using different currencies (e.g., notes, cheques, etc.).
- Index — Definition,
- A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes.
- International Banking — Definition,
- The operation of bank branches and subsidiaries located outside Canada. This area of banking also includes the supervision of correspondent banking relationships, foreign exchange trading, and trade finance.
- Issuer — Definition,
- A legal entity that develops, registers, and sells securities including stocks, bonds and derivatives.
- Note Rate — Definition,
- The percentage paid by a borrower for the use of money, usually expressed as an annual percentage on a promissory note.
- Promissory Note (PN) — Acronym,
- A written promise to repay a loan by a specified time.