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Note Payable

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia 0.01 sec.
Note Payable
A document stating that a borrower has promised to repay some debt on or by some future date. It is listed as a liability on the borrower's balance sheet and may be either current or non-current.

note payable
A debt owed to a lender and evidenced by a written promise of payment. Note payable, an entry on the liabilities side of many corporate balance sheets, indicates that a certain dollar amount of loans will be repaid to the lenders at a future time.


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A long-term note payable may be written in either an interest bearing or non-interest bearing form.
During fiscal 2007, we recognized $225,000 in income as a result of the forgiveness of a portion of the principal balance of a note payable to Elan Corporation, plc.
During fiscal 2007, we recognized $225,000 in income as a result of the forgiveness of a portion of the principal balance of a note payable to Elan Corporation, plc.
 
 
 
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