Promissory Notes

A promissory note is a legal instrument (a financial instrument), in which one party (the maker or issuer ) promises in writing to pay a determinate sum of money to the other (the payee ), either at a fixed or determinable future time or on demand of the payee, under specific terms.

If signed by the maker, a promissory note is a negotiable instrument. It contains an unconditional promise to pay a certain sum to the order of a specifically named person or to bearer—that is, to any individual presenting the note. A promissory note can be either payable on demand or at a specific time.

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Updated: December 18, 2017 — 9:47 am

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