IOU

An IOU (abbreviated from the phrase "I owe you")[1][2] 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, constituting a form of scrip.

This article is about the acknowledgement of debt. For other uses, see IOU (disambiguation).

California Registered Warrants

Also referred to as "IOUs" by the U.S. state of California, the term "Registered Warrants", which specify a future payment date, is meant to differentiate these IOUs from regular, or “normal” payroll warrants which permit the holder to exchange their warrant for cash immediately. For both types of warrants, redeeming them may be delayed until funds are available. Because of this uncertainty, warrants are not negotiable instruments. Registered Warrants were issued in July 2009 due to a temporary inability of the state of California to redeem its warrants.[3] Warrants are issued as payment to state employees, private businesses, local governments, taxpayers receiving tax refunds, and owners of unclaimed money.

gollark: What could POSSIBLY go wrong?
gollark: Besides, the price would just slowly go up over time as supply drops.
gollark: That is apparently not a likely issue versus climate change problems from oil.
gollark: People are bad at long termism and long term prediction is also hard.
gollark: > that could almost negate the need for special space for generating electricity<@617750798960558091> No, industry has massive power use per area and likely not convenient windows everywhere.

See also

References
  1. "I O U". Oxford English Dictionary (2nd ed.). 1989. Etymology: [= ‘I owe you’.]
  2. "Origin of IOU from the pronunciation of I owe you - First Known Use: 1795". Merriam-Webster.
  3. "Frequently Asked Questions about Registered Warrants (IOUs)". Archived from the original on 2013-06-13. Retrieved 2012-07-21.

The dictionary definition of IOU at Wiktionary


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