IOU: Difference between revisions
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An '''IOU''' (abbreviated from the phrase "I owe you")<ref>{{cite dictionary |year=1989 |edition=2nd |title =I O U|encyclopedia=[[Oxford English Dictionary]]|quote=Etymology: [= ‘I owe you’.] |url = http://dictionary.oed.com/cgi/entry/50120934}}</ref> 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]].<ref>{{cite web|url=http://www.snpp.com/episodes/1F04.html|title=<nowiki>[</nowiki>1F04<nowiki>]</nowiki> Treehouse of Horror IV|date=December 19, 1999|work=[[The Simpsons Archive]]|accessdate=2010-05-28|quote=I. O. U. one emergency donut}}</ref> |
An '''IOU''' (abbreviated from the phrase "I owe you")<ref>{{cite dictionary |year=1989 |edition=2nd |title =I O U|encyclopedia=[[Oxford English Dictionary]]|quote=Etymology: [= ‘I owe you’.] |url = http://dictionary.oed.com/cgi/entry/50120934}}</ref> 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]].<ref>{{cite web|url=http://www.snpp.com/episodes/1F04.html|title=<nowiki>[</nowiki>1F04<nowiki>]</nowiki> Treehouse of Horror IV|date=December 19, 1999|work=[[The Simpsons Archive]]|accessdate=2010-05-28|quote=I. O. U. one emergency donut}}</ref> |
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==California Registered Warrants== |
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Also referred to as "IOUs" by the [[U.S. state]] of [[California]], the term "[[Warrant of payment|Registered Warrant]]s", 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 like IOUs are not negotiable instruments. Registered Warrants were issued in July 2009 due to a temporary inability of the state of California to meet its financial obligations. Warrants are issued as payment to state employees, private businesses, local governments, taxpayers receiving income tax refunds, and owners of unclaimed money.<ref>[http://www.sco.ca.gov/5935.html Frequently Asked Questions about Registered Warrants (IOUs)]</ref> |
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==In culture== |
==In culture== |
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Revision as of 20:28, 25 July 2011
 | This article needs additional citations for verification. (January 2009) |
An IOU (abbreviated from the phrase "I owe you")[1] 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.[2]
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 like IOUs are not negotiable instruments. Registered Warrants were issued in July 2009 due to a temporary inability of the state of California to meet its financial obligations. Warrants are issued as payment to state employees, private businesses, local governments, taxpayers receiving income tax refunds, and owners of unclaimed money.[3]
In culture
- IOU: The Debt Threat and Why We Must Defuse It is a book by leading economist Noreena Hertz.
- Guitarist Allan Holdsworth's first studio album was entitled I.O.U.
- "I.O.U." is a chart-topping song by Freeez.
- The Kingdom of Lovely, an Internet-based micronation, uses the "Interdependent Occupational Unit" (abbreviated as IOU) as its currency.
- I.O.U.S.A. is a documentary film about the US national debt.
- In the film Saturday Night Fever, Tony Manero asks Annette if she has an "IOU", but means IUD (intrauterine device).
- In the manga Rin-ne, Rin-ne Rokudo's father gives Rin-ne many IOUs because he used all the money in his son's account.
- "IOU" is a song by the Canadian rock band Metric.
- In the song "Lavender" from Marillion's album Misplaced Childhood, Fish sings "I.O.U. for your love" (written this way in the booklet)
- In the song "Back & Forth" from Foo Fighters' album Wasting Light, Dave Grohl sings "I'm taking it back, all my IOUs", referencing back to a 2009 Foo Fighters song, "Word Forward", featured on the band's Greatest Hits compilation.
See also
References
- ^ "I O U". Oxford English Dictionary (2nd ed.). 1989.
Etymology: [= 'I owe you'.]
- ^ "[1F04] Treehouse of Horror IV". The Simpsons Archive. December 19, 1999. Retrieved 2010-05-28.
I. O. U. one emergency donut
- ^ Frequently Asked Questions about Registered Warrants (IOUs)
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