A note that represents a promise by a borrower to repay a loan. Promissory notes are not classed as securities. Failure to pay a promissory note renders the borrower immediately liable to be sued for payment. | A note that represents a promise by a borrower to repay a loan. Promissory notes are not classed as securities. Failure to pay a promissory note renders the borrower immediately liable to be sued for payment. |