renewal note

A new promissory note given by way of renewing the obligation under a prior note. As applied to promissory notes, in commercial and legal parlance, the word "renewal" or "renewed" means more than the substitution of another obligation for the old one. It means to reestablish a particular contract for another period of time. It means to restore to its former conditions an obligation on which the time of payment has been extended. Kedey v Petty, 153 Ind 179, 54 NE 798, 800.

Ballentine's law dictionary. . 1998.

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  • extension or renewal of note — Takes place when parties agree upon valuable consideration for maturity of debt on day subsequent to that provided in original contract. Elk Horn Bank & Trust Co. v. Spraggins, 182 Ark. 27, 30 S.W.2d 858, 859 …   Black's law dictionary

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