Promisory Note

Make a Promise. Fill, fulfil.

Fill in the blanks to create. Fulfil legally. Promissory note recorded into distributed ledger. Promises for payment, surety, representation and so on. Promises that are legally enforceable.

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Joint promissory note

Promissory note installments

Promissory note joint promisors

Promissory note providing for interest

Promissory note without interest

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Frequent questions, quickly answered.

Promissory notes is a signed documents containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand. So it is considered a legal document which contains an obligation to pay.

A negotiable instrument is a document guaranteeing the payment of a specific amount of money either on demand or at a set time with the payer usually named on the document. Below are types of negotiable instruments:

  1. Promissory note
  2. Bills of exchange
  3. Bank cheque
  4. Government promissory note
  5. Delivery order
  6. Customer receipts
  • Property: The possessor of the instrument is presumed to be the owner of the property contained.
  • Title: Transferee of a negotiable instrument is known as holder in due course.
  • Rights: Advertisements
  • Presumptions:
  • Prompt payment:
  • It must in writing.
  • Signed by the maker of drawer.
  • Must be unconditional promise or order to pay.
  • A fixed amount in money.
  • Payable to order or bearer unless it is a bank cheque. 
A promisory note

A promissory note, bill of exchange or cheque is payable to bearer which is to the so payable or on which the only on last endorsement is an endorsement of blank. Every endorser after dishonor is liable as upon an instrument payable on demand. A promissory note, bill of exchange or cheque is said to be dishonored by nonpayment. When the maker of the note, acceptor of the bill, or drawee of the cheque, makes default in payment upon being duly required to pay the same. Acceptance is not necessary in the case of a cheque as in the case of a bill of exchange. Where acceptance only establishes the privity on the instrument between the drawee and the payee.

Effect of the negotiable instruments

The effect of the negotiable instruments not being duly stamped, or of the non cancellation of their adhesive stamps is that the same is in admissible in evidence.

Bill of exchange

A bill of exchange is an instrument in writing containing an unconditional order. Signed by the maker. Directing a certain person to pay a certain sum of money only to. To the order of, a certain person. To the bearer of the instrument. A cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise then on demand.

The drawee of a cheque having sufficient funds of the drawer in his hand properly applicable to the payment of such cheque must pay the cheque when duly required to do so. Section 138 of the Negotiable Instruments Act, 1881 is a penal provision. When a cheque is returned by the bank unpaid and so dishonored on account of insufficient funds, the drawer of the cheque comes within the mischief of section 138 and is liable for punishment.

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