Legal Definitions - time note

A time note is a type of promissory note that is payable only at a specified time and not on demand. This means that the payee cannot demand payment until the specified time has passed. For example, if a borrower takes out a loan and signs a time note for repayment in six months, the lender cannot demand payment before the six months are up.

Other types of promissory notes include demand notes, which are payable whenever the creditor wants to be paid, and installment notes, which are payable at regular intervals.

Examples of time notes include:

• A loan agreement with a specified repayment date
• A bond that matures on a specific date
• A certificate of deposit that cannot be withdrawn before a certain date

These examples illustrate the concept of a time note because they all involve a promise to pay at a specific time in the future, rather than on demand.