does a note require a maturity date
Notes receivable are also called promissory notes. That is, they require the debtor to pay the promised amount at a definite time or on demand. One making the promise (i.e., debtor) is called the maker, while one to whom the note is payable (i.e., the creditor) is called the payee. Due (maturity) date is the date when the note receivable is to be paid. As mentioned earlier, notes receivable require an interest payment by the maker of the note. Notes receivable usually state the annual interest rate, regardless of the term of the note. Interest can be paid monthly, quarterly, semiannually, or annually. Short-term notes receivable (i.e., less than one year) usually require interest payment at the maturity date.