Legal Definitions - banker's note

A banker's note is a type of promissory note issued by a bank. It is a written promise to pay a specific amount of money to the bearer or a designated person on a specific date or on demand.

For example, if a business needs to borrow money from a bank, the bank may issue a banker's note to the business. The note will state the amount of money borrowed, the interest rate, and the repayment terms. The business will then be responsible for repaying the loan according to the terms of the note.

Another example is when a person deposits money into a bank account. The bank may issue a banker's note to the depositor as proof of the deposit. The note will state the amount of money deposited and the account number.

Banker's notes are commonly used in financial transactions and are considered a secure form of payment. They are often used in international trade to facilitate the exchange of goods and services between countries.