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I.O.U

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.

Source: Dictionary of Phrase and Fable, E. Cobham Brewer, 1894
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