Definition of Promissory Note:
Promissory Note's in Orange County Lending:
A promissory note is a financial instrument that contains a written promise by a borrower to pay a lender a definite sum of money either on demand or at a specified future date. A promissory note typically contains all the terms pertaining to the indebtedness by the issuer or maker to the note's payee, such as the amount, interest rate, maturity date, date and place of issuance, and issuer's signature. A promissory note is usually held by the payee. Once the debt has been discharged, it must be canceled by the payee and returned to the issuer.