A promissory note is an agreement with a bank to provide automatically short-term loans up to some pre-established maximum amount.

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A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date. It does not automatically involve a bank or short-term loans up to a pre-established maximum amount.

A Promissory Note Is an Agreement with a Bank to Provide