promissory note

American  

noun

1. a written promise to pay a specified sum of money to a designated person, or to the bearer of the note, at a fixed time or on demand.

2. a written promise to do or provide something, usually presented as a gift and claimable when or however the recipient chooses.

---

promissory note British  

noun

1. Also called: note.   note of hand.  commerce a document, usually negotiable, containing a signed promise to pay a stated sum of money to a specified person at a designated date or on demand

---

Etymology

Origin of promissory note

First recorded in 1700–10

Example Sentences

Last week, 52% of the company was sold to media mogul Byron Allen for $120 million: $20 million in cash and the rest in the form of a promissory note due in five years.

From MarketWatch • May 20, 2026

The deal will be funded with $20 million in cash and a $100 million promissory note due five years from closing, which will accrue 5% in annual interest.

From The Wall Street Journal • May 11, 2026

That includes a $1.1 billion promissory note that appears to be connected with liabilities DCG assumed from Genesis after the latter was hit hard by the collapse of Singapore-based crypto hedge fund Three Arrows Capital.

From Reuters • Jan. 10, 2023

All they needed to do was have their case manager submit a promissory note committing to pay the rent.

From Los Angeles Times • Dec. 13, 2022

Here on the floor is a bit of the paper, and we can still see a few of the words which we know were contained in the promissory note.

From Final Proof or the Value of Evidence by Ottolengui, R.