Encyclopedia of Canadian Laws

Promissory Note

Michael Mac Neil

Promissory Note in Canada

Definition of Promissory Note

Promissory Note meaning or descrpition: a promise to pay that is signed and dated by the debtor; it should contain the following terms: the names of the payor and the debtor, the amount advanced to the debtor, and the date on which it was advanced, and the terms of the loan, including payment terms, interest rates, penalties on default, if any, etc. (Source of this concept of Promissory Note: emp.ca/books/392-5 and emp.ca/books/186-0)

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