Note Legal Meaning and Definition

Here is a simplified definition of the legal term Note.

Note (noun): A legal written document that provides evidence of a debt between one person or entity and another. This document states that the holder of the note has the right to receive money from the debtor either right away or at an agreed future time. The details provided on the note can include the rate of interest, penalties for late payments, legal expenses, and how the payment should be made (either in full or in installments).