Русско-англо-русский юридический словарь

The primary difference between notes payable and bonds stems from securities laws. Bonds are always considered and regulated as securities, while notes payable are not necessarily considered securities. For example, securities law explicitly defines mortgage notes, commercial paper, and other short-term notes as not being securities under the law. Other notes payable may be securities, but that is defined by the law, convention, and regulations.

Generally, the term of the debt is the best way to determine whether it's more likely to be a note or a bond. Shorter-term debts -- those with a maturity of less than one year -- are most likely to be considered notes. Debts with longer terms, excluding the specific notes payable mentioned above, are more likely to be bonds.

A good example of this principle is how the U.S. classifies its own debt offerings. A Treasury note has a maturity between one and 10 years. A Treasury bond has a maturity of more than 10 years. Short-term Treasuries with maturities of less than one year are called Treasury bills. (The Motley Fool)