note

1. verb

To make a brief written statement; to erjtera memorandum, as to note an exception

2. noun

An instrument containing an express and absolute promise of signer (i.e. maker) to pay to a specified person or order, or bearer, a definite sum of money at a specified time. An instrument that is a promise to pay other than a certificate of deposit. U.C.C. No. 3-104(2Xd).

Two party instrument made by the maker and payable to payee which is negotiable if signed by the maker and contains an unconditional promise to pay sum certain in money, on demand or at a definite time, to order or bearer. U.C.C. No. 3-104(1).

A note not meeting these requirements may be assignable but not negotiable. An abstract; a memorandum; an informal statement in writing.

See also balloon note

- coal note

- judgment note

- promissory note

- sold note

- treasury note.

@ circular note

See letter of credit.

@ collateral note

Two party instrument containing promise to pay and secured by pledge of property such as securities, real estate, etc.

+ collateral note

Loan secured by pledge of specific property

@ demand note

Note payable on demand as contrasted with a time note which is payable at a definite time in the future.

+ demand note

A note with no set maturity date which expressly states that it is payable on demand, on presentation, or at sight. A note in which no time for payment is expressed. Kent v. Lampman, 59 Cal.App.2d 407, 139 P.2d 57, 59.

A note issued, accepted or indorsed when overdue, as regards person so issuing, accepting or indorsing it. Nees v. Hagan, 22 Tenn.App. 78, 118 S.W.2d 566, 568.

See also demand instrument, above; and sight draft.

@ installment note

One of a series of notes payable at regular intervals or a single note calling for payment in installments at fixed periods of time.

See also installment loan

@ joint and several note

A note signed by persons as makers who agree to be bound both jointly and severally; i.e. they may be joined in a suit or they may be sued separately.

@ joint note

Note evidencing an indebtedness in which two or more persons agree to be liable jointly and for payment of which all such persons must be joined in an action to recover.

@ mortgage note

A note evidencing a loan for which real estate has been offered as security

@ negotiable note

To qualify as negotiable, the note must be signed by the maker, contain an unconditional promise to pay a sum certain in money and be payable on demand or at a definite time to order or bearer. U.C.C. No. 3-104(1).

@ secured note

A note for which security in the form of either real or personal property has been pledged or mortgaged.

See also collateral note.

@ time note

Note payable at a definite future time as contrasted with a demand note.

@ unsecured note

Note evidencing an indebtedness for which no security has been pledged or mortgaged

@ note of a fine

In old English conveyancing, one of the parts of a fine of lands, being an abstract of the writ of covenant, and the concord; naming the parties, the parcels of land, and the agreement

@ note of allowance

In English practice, a note delivered by a master to a party to a cause, who alleged that there was error in law in the record and proceedings, allowing him to bring error

@ note of hand

A popular name (now obsolete) for a promissory note

@ note of protest

A memorandum of the fact of protest, indorsed by the notary upon the bill, at the time, to be afterwards written out at length

@ note or memorandum

Under statute of frauds, an informal minute or memorandum made on the spot. It must contain all the essential elements and substantial parts of the contract. Stanley v. A. Levy & J. Zentner Co., 60 Nev. 432, 112 P.2d 1047, 1053

@