{"id":8840,"date":"2025-12-07T10:15:39","date_gmt":"2025-12-07T04:45:39","guid":{"rendered":"https:\/\/www.goseeko.com\/blog\/?p=8840"},"modified":"2026-05-17T21:35:02","modified_gmt":"2026-05-17T16:05:02","slug":"promissory-notes","status":"publish","type":"post","link":"https:\/\/www.goseeko.com\/blog\/promissory-notes\/","title":{"rendered":"Promissory Notes"},"content":{"rendered":"\n

What are Promissory Notes?<\/strong><\/h1>\n\n\n\n

A promissory note is an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money to or to the order of a certain person, or to the bearer of the instruments.<\/p>\n\n\n\n

A Promissory Note is an instrument in writing. It contains an unconditional undertaking or promise, signed by the maker to pay a certain sum of money to a certain person.<\/p>\n\n\n\n

A promissory note is a written promise to pay at a fixed https:\/\/texascatny.com\/blog\/tag\/award\/<\/a> or determinable future time a sum of money to a specified individual or to bearer.<\/p>\n\n\n\n

Features of Promissory Notes<\/strong><\/p>\n\n\n\n

(1) It must be in writing:<\/strong><\/p>\n\n\n\n

A mere verbal promise to pay is not a promissory note. The method of writing (either in ink or pencil or printing, etc.) is unimportant, but it must be in any form that is unchangeable.<\/p>\n\n\n\n

(2) It must certainly an express promise or clear understanding to pay:<\/strong><\/p>\n\n\n\n

There must be an express undertaking to pay. A mere acknowledgment is not enough. The following are not promissory notes as there is no promise to pay.<\/p>\n\n\n\n

(3) Promise to pay must be unconditional:<\/strong><\/p>\n\n\n\n

A conditional undertaking destroys the negotiable character of an otherwise negotiable instrument. Therefore, the promise to pay must not depend upon the happening of some outside contingency or event. It must be payable absolutely. https:\/\/ovo99.io\/<\/a><\/p>\n\n\n\n

(4) <\/strong>The maker<\/strong> signs it:<\/p>\n\n\n\n

The person who promises to pay signs the instrument even though it might have been written by the promisor himself. It may be in pencil or ink, a thumb mark or initials.<\/p>\n\n\n\n

(5) The maker must be certain:<\/strong><\/p>\n\n\n\n

The note self must show clearly who is the person agreeing to undertake the liability to pay the amount. In case a person signs in an assumed name, he is liable as a maker because a maker is taken as certain if from his description sufficient indication follows about his identity. In case two or more persons promise to pay, they may bind themselves jointly or jointly and severally, but their liability cannot be in the alternative.<\/p>\n\n\n\n

(6) The payee must be certain:<\/strong><\/p>\n\n\n\n

The instrument must point out with certainty the person to whom the promise has been made. The payee may be ascertained by name or by designation. A note payable to the maker himself is not pronate unless it is indorsed by him. In case, there is a mistake in the name of the payee or his designation; the note is valid, if the payee can be ascertained by evidence. Even where the name of a dead person is entered as payee in ignorance of his death, his legal representative can enforce payment.<\/p>\n\n\n\n

(7) The promise should be to pay money and money only:<\/strong><\/p>\n\n\n\n

Money means legal tender money and not old and rare coins. A promise to deliver paddy either in the alternative or in addition to money does not constitute a promissory note.<\/p>\n\n\n\n

(8) The amount should be certain<\/strong>:<\/p>\n\n\n\n

One of the important characteristics of a promissory note is certainty\u2014not only regarding the person to whom or by whom payment is done but also regarding the amount. https:\/\/en.wikipedia.org\/wiki\/Promissory_note<\/a><\/p>\n\n\n\n

Parties to a Promissory Note<\/strong><\/h2>\n\n\n\n
\"Parties
Figure: Parties to a Promissory Note<\/figcaption><\/figure>\n\n\n\n

1. Maker:<\/strong> He is the person who promises to pay the amount stated in the note. He is the debtor.<\/p>\n\n\n\n

2. Payee:<\/strong> He is the person to whom the amount is payable i.e. the creditor.<\/p>\n\n\n\n

3. Holder:<\/strong> He is the payee or the person to whom the note might have been indorsed.<\/p>\n\n\n\n

4.<\/strong> The indorser and indorsee (the same as in the case of a bill). https:\/\/ojs.njhsciences.com\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

What are Promissory Notes? 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