diff --git a/src/FilecoinPayV1.sol b/src/FilecoinPayV1.sol
index 0d1dc78..201935a 100644
--- a/src/FilecoinPayV1.sol
+++ b/src/FilecoinPayV1.sol
@@ -1361,7 +1361,15 @@ contract FilecoinPayV1 is ReentrancyGuard {
 
             // Add the gross settled amount to our running total
             totalGrossSettled += segmentGrossSettled;
-            note = validationNote;
+
+            // Accumulate validation notes from each segment
+            if (bytes(validationNote).length > 0) {
+                if (bytes(note).length > 0) {
+                    note = string.concat(note, "; ", validationNote);
+                } else {
+                    note = validationNote;
+                }
+            }
 
             // If validator partially settled the segment, exit early
             if (rail.settledUpTo < segmentEndBoundary) {
diff --git a/test/RailSettlement.t.sol b/test/RailSettlement.t.sol
index d2acf29..a7e0e36 100644
--- a/test/RailSettlement.t.sol
+++ b/test/RailSettlement.t.sol
@@ -226,8 +226,13 @@ contract RailSettlementTest is Test, BaseTestHelper {
         RailSettlementHelpers.SettlementResult memory result =
             settlementHelper.settleRailAndVerify(railId, block.number, expectedAmount, block.number);
 
-        // Verify validator note
-        assertEq(result.note, "Standard approved payment", "Validator note should match");
+        // Verify validator notes are accumulated from all 9 segments
+        // (8 rate changes in the queue + 1 final segment)
+        string memory expectedNote = "Standard approved payment";
+        for (uint256 i = 1; i < 9; i++) {
+            expectedNote = string.concat(expectedNote, "; Standard approved payment");
+        }
+        assertEq(result.note, expectedNote, "Validator notes should be accumulated");
     }
 
     function testValidationWithReducedAmount() public {