MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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P

Promissory Note

A promissory note is a binding legal document that a borrower signs to obtain a loan. It lists your rights and responsibilities under the loan agreement, including how and when the loan must be repaid. Rights and responsibilities for credit card accounts are listed in the Cardmember Agreement.

Promissory Notes

A signed agreement promising payment of a sum of money on demand or at a specific time.

Property

The exclusive right to own, possess, enjoy, and dispose of anything of value. All property is either real or personal. Real property consists of land, buildings, and other things permanently attached to the land. Personal property consists of all property that is not real property and is either tangible or intangible. Items of tangible personal property are objects that have value in themselves, such as furniture, jewelry, cars, pets, and computers. Items of intangible personal property represent things of value, such as cash, stocks, bonds, patents, and trademarks.

Property Tax

What you pay on land you own. That applies to whether it's the house you live in or property you own with nothing on it but dirt. The tax is usually charged by your local government, which bases your property tax on what it thinks your property is worth if you decided to sell it. Property taxes are mainly used to repair roads, build schools, remove snow and perform other services in your town.

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