Promissory Note (Noun)
Meaning
A promise to pay a specified amount on demand or at a certain time; "I had to co-sign his note at the bank".
Classification
Nouns denoting possession and transfer of possession.
Examples
- The bank required a promissory note from the startup business before approving the loan.
- He had to obtain a promissory note from his investor to secure the funding for the project.
- She co-signed the promissory note with her brother to help him get a mortgage.
- The company issued a promissory note to its investors, promising to repay the principal amount with interest.
- The entrepreneur signed a promissory note, agreeing to repay the venture capital firm within five years.