Promissory Note, in the law of negotiable instruments, written instrument containing an unconditional promise by a party, called the maker, who signs the instrument, to pay to another, called the payee, a definite sum of money either on demand or at a specified or ascertainable future date. The note may be made payable to the bearer, to a party named in the note, or to the order of the party named in the note. A promissory note differs from an IOU in that the former is a promise to pay and the latter is a mere acknowledgement of a debt. A promissory note is negotiable by endorsement if it is specifically made payable to the order of a person.
Posted on: Sun, 21 Dec 2014 22:08:42 +0000
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