Also known as: notes · noted · noting · promissory note
Written by attorneys · grounded in primary & secondary sources — see below
A written promise by one party to pay a sum of money to another party or to bearer. The note creates an underlying obligation that a mortgage or other security device may secure. The obligation may be existing or future and may be defined in the note itself or by separate agreement.
Nadia Novak borrows funds from Nexus Financial to purchase land. She executes a promissory note promising repayment in installments and grants a mortgage on the land to secure that note. When Nadia defaults on payments, Nexus accelerates the debt under the note and initiates foreclosure on the mortgage.
A federal prosecutor presents evidence to a grand jury investigating corporate fraud. The court reporter prepares notes of all testimony except during deliberations. The government retains custody of those notes after the session ends.
Select any source to read its text and confirm it supports the definition.
Nova Pharmaceuticals needs capital for expansion. Its board authorizes issuance of shares to Neil Nair in exchange for a promissory note promising future payment. The board determines the note constitutes adequate consideration before the shares are delivered.
Natasha Nielsen contracts to deliver goods secured by a promissory note from the buyer. A sudden embargo makes performance impossible. The buyer claims the note debt is discharged because the underlying obligation has become impracticable.
Noah Nakamura cannot sign his international will due to injury. The authorized person records the reason on the document and notes that a witness signed at Noah's direction. The absence of Noah's own signature does not invalidate the will.
Nikhil Narayan, a private citizen, sues a publisher for a false statement about his business dealings. He proves negligence but cannot show actual malice. The court permits recovery of actual damages but bars presumed or punitive damages.
A mortgage or other security device must secure a valid obligation, typically a debt or promise to pay that may be defined in the note itself. If the obligation is void or discharged, the mortgage may be extinguished.
The board of directors may authorize shares for consideration that includes promissory notes, provided the board determines the consideration is adequate before issuance.
The authorized person must note the reason for the inability to sign on the will. Another person may sign the testator's name at the testator's direction, and that action must also be noted.
Private plaintiffs need not prove actual malice for compensatory damages but may not recover presumed or punitive damages without showing actual malice.
…“Conditions” and contains ten separate paragraphs consisting of 65 lines in all. The paragraphs do not have headnotes or margin notes denoting their particular subject, as in the case of the “Owner Service Certificate” to be referred to later. In the seventh paragraph, about two-thirds of the way down the page, the…