Definitions (4)
1. Written undertaking by one party (the writer or maker) to pay a specified sum of money to a named party (the payee) or to the bearer (holder) of the note, on demand or on a stated date. In contrast to a draft (which is a three-party order to pay) a note is a two-party promise to pay. See also promissory note.
2. Bond with a maturity period of five years or less.
3. Bill of exchange, re-presented by a notary public to a drawee after it was dishonored by non-acceptance or non-payment. If the bill is dishonored again, the notary may protest (take legal action) against the drawee.
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