Short-term credit instrument consisting of a written promise by one person to pay a specified amount of money to another on demand or at a given future date. Promissory notes were in use in Europe as early as the Renaissance. They are often negotiable and may be secured by the pledge of collateral. The instrument changed substantially during the 20th century, when various clauses were added regarding payment and other provisions—for example, authorizing the sale of collateral, permitting extensions of time, and allowing acceleration of payment in the event of default. Seealso bill of exchange.
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It's Payback Time On Promissory Notes; Advisors once thought that paying back half of their promissory note to their former firms was sufficient, but disgruntled firms are going after the full amount.(By the Rules)
Nov 01, 2009; Byline: Thomas Lewis Aggressive recruiting for wirehouse firms was in full swing late last year and earlier this year, as...