What is a promissory note?

A promissory note refers to a legal document in which one party (the "maker") promises to pay another party (the "payee") a certain sum of money at a specified time, with or without interest. In Nebraska, a promissory note is legally binding, meaning that if one party fails to fulfill the terms of the note, the other party can take the maker to court to seek enforcement of the note. A promissory note is usually used to document a loan or other debt obligation. It includes the amount of the loan, the date it is due, any interest rate that applies, the payment schedule, and any other relevant details. A promissory note is typically signed by the maker, and can be either in written or electronic form. In Nebraska, promissory notes are enforced by law under the Uniform Commercial Code.

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What is a promissory note?

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