Note Payable
/ˈnoʊt ˈpeɪəbl/
Definitions
- (n.) A written, signed promise to pay a specified sum of money at a future date or on demand.
The company issued a note payable to secure a loan from the bank.
Forms
- note payable
- notes payable
Related terms
See also
Commentary
A note payable is distinct from a promissory note in that it specifically refers to the liability side—an obligation owed—often reflected in accounting and legal documents.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.