The memorandum of a debt given by the borrower to the lender. It must not contain a promise to pay. The letters mean, “I owe You.”
An I.O.U. requires no stamp, unless it specifies a day of payment, when it becomes a bill, and must have a stamp.
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Entry taken from Dictionary of Phrase and Fable, edited by the Rev. E. Cobham Brewer, LL.D. and revised in 1895.
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