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LSDefine
Simple English definitions for legal terms
time note
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A quick definition of time note:
A time note is a type of promise to pay money at a specific time, not whenever the person who is owed the money wants it. It's like when you promise to pay back your friend the money you borrowed on a certain day, instead of just whenever they ask for it. There are many different types of notes, but they all involve promising to pay back money in some way. Sometimes notes are backed up by things like property or stocks, and sometimes they're just a simple promise.A more thorough explanation:
A time note is a type of promissory note that is payable only at a specified time and not on demand. This means that the payee cannot demand payment until the specified time has passed. For example, if a borrower takes out a loan and signs a time note for repayment in six months, the lender cannot demand payment before the six months are up.
Other types of promissory notes include demand notes, which are payable whenever the creditor wants to be paid, and installment notes, which are payable at regular intervals.
Examples of time notes include:
- A loan agreement with a specified repayment date
- A bond that matures on a specific date
- A certificate of deposit that cannot be withdrawn before a certain date
These examples illustrate the concept of a time note because they all involve a promise to pay at a specific time in the future, rather than on demand.