Definitions for IOU
This page provides all possible meanings and translations of the word IOU
an informal debt instrument; representing `I owe you'
An informal written note promising to pay the stated sum.
When David couldn't afford to match the money in the poker pot, he added an IOU for the remaining amount instead.
Origin: From the pronunciation of "I owe you", not the initial letters.
An IOU is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor. IOUs may be signed or carry distinguishing marks or designs to ensure authenticity. In some cases, IOUs may be redeemable for a specific product or service rather than a quantity of currency.
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