Promissory Note in United States
Promissory Note Definition
A written promise to pay a certain sum of money at a future time, unconditionally. Bailey, Bills, 1; 3 Kent, Comm. 74; 7 Watts & S. (Pa.) 264; 2 Humph. (Tenn.) 143; 10 Wend. (N. Y.) 675; 1 Ala. 263; 7 Mo. 42; 2 Cow. (N. Y.) 536; 6 N. H. 364; 7 Vern. 22. A written engagement to pay absolutely to a person named, or to order or bearer, at a specified time or on demand, a certain sum of money. 10 111. 252; 15 Mass. 387; 127 N. Y. 92. No particular form of expression is required. 37 111. 137; 7 Vt. 22. A date is not essential. 32 Ind. 375; 30 Vt. 11; 76 Ala. 339. The promise must be unconditional. 30 Minn. 441; 6 Wis. 209. The promise to pay may be implied from a phrase such as good for, etc. (33 111. 424; 6 N. H. 364), of- due to, etc. (88 Hun [N. Y.] 535; 27 111. 337; 17 Ga. 574). To be a promissory note, the instrument must be for the payment of money only. 40 Ark. 344; 20 N. Y. 272; 17 Wis. 139. The payee must be clearly designated (13 Ga. 55; 6 Mo. App. 583; 1 111. 18); but this may be done by description, without naming him (16 111. 169). The consideration need not be expressed. 127 N. Y. 92; 26 Or. 315; 8 Cal. 288. The place of payment need not be stated. 31 Tex. 614. The time of payment must be designated, unless the note is payable on demand (86 U. S. 560). But see 8 Miss. 176; 1 Pin. (Wis.) 643. The amount, payable must be certain (60 Mich. 432), but the addition of current exchange (9 Mich. 241; 54 Minn. 184; 10 Wis. 34), or attorneys’ fees (82 Ind. 370), does not prevent the instrument being a note. The decisions are in conflict as to whether negotiability is an essential of a promissory note. That it is not, see 1 Ga. 226; 46 Me. 387; 10 Gill & J. 299; 6 Gush. (Mass.) 172; 34 Vt. 402. Contra, 1 111. 18; 8 N. J. Law, 262; 66 N. Y. 14.
Promissory Note in Foreign Legal Encyclopedias
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Promissory Note | Promissory Note in the World Legal Encyclopedia. |
Promissory Note | Promissory Note in the European Legal Encyclopedia. |
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Promissory Note | Promissory Note in the Australian Legal Encyclopedia. |
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Promissory Note | Promissory Note in the Criminal Law Portal of the American Encyclopedia of Law. |
Promissory Note | Promissory Note in the Antritrust Portal of the American Encyclopedia of Law. |
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Legal Issue for Attorneys
A written promise to pay a certain sum of money at a future time, unconditionally. Bailey, Bills, 1; 3 Kent, Comm. 74; 7 Watts & S. (Pa.) 264; 2 Humph. (Tenn.) 143; 10 Wend. (N. Y.) 675; 1 Ala. 263; 7 Mo. 42; 2 Cow. (N. Y.) 536; 6 N. H. 364; 7 Vern. 22. A written engagement to pay absolutely to a person named, or to order or bearer, at a specified time or on demand, a certain sum of money. 10 111. 252; 15 Mass. 387; 127 N. Y. 92. No particular form of expression is required. 37 111. 137; 7 Vt. 22. A date is not essential. 32 Ind. 375; 30 Vt. 11; 76 Ala. 339. The promise must be unconditional. 30 Minn. 441; 6 Wis. 209. The promise to pay may be implied from a phrase such as good for, etc. (33 111. 424; 6 N. H. 364), of- due to, etc. (88 Hun [N. Y.] 535; 27 111. 337; 17 Ga. 574). To be a promissory note, the instrument must be for the payment of money only. 40 Ark. 344; 20 N. Y. 272; 17 Wis. 139. The payee must be clearly designated (13 Ga. 55; 6 Mo. App. 583; 1 111. 18); but this may be done by description, without naming him (16 111. 169). The consideration need not be expressed. 127 N. Y. 92; 26 Or. 315; 8 Cal. 288. The place of payment need not be stated. 31 Tex. 614. The time of payment must be designated, unless the note is payable on demand (86 U. S. 560). But see 8 Miss. 176; 1 Pin. (Wis.) 643. The amount, payable must be certain (60 Mich. 432), but the addition of current exchange (9 Mich. 241; 54 Minn. 184; 10 Wis. 34), or attorneys’ fees (82 Ind. 370), does not prevent the instrument being a note. The decisions are in conflict as to whether negotiability is an essential of a promissory note. That it is not, see 1 Ga. 226; 46 Me. 387; 10 Gill & J. 299; 6 Gush. (Mass.) 172; 34 Vt. 402. Contra, 1 111. 18; 8 N. J. Law, 262; 66 N. Y. 14.
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Notice
This definition of Promissory Note is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.
Practical Information
Note: Some of this information was last updated in 1982
A written contract or instrument whereby one party promises to pay the other party a certain amount in a certain way.
What is Promissory Note?
For a meaning of it, read Promissory Note in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Promissory Note.
Truth-in-lending Disclosures and Promissory Note in relation with Consumer Lending
This section convey specific aspects of Truth-in-lending Disclosures and Promissory Note covered in connexion with Consumer Lending and banking / lending Institutions.
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