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A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt 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 ...
The promise or order to pay must be unconditional; The payment must be a specific sum of money, although interest may be added to the sum; The payment must be made on demand or at a definite time; The instrument must not require the person promising payment to perform any act other than paying the money specified;
The promise to pay specie "on demand" was a new obligation for Treasury Notes (though common on private banknotes) but would spare the cash-strapped treasury the intermediate step of selling an equivalent amount of debt by allowing it to use the notes as a currency to pay creditors directly.
Major differences distinguish letters of credit from "demand guarantees"; in the latter instrument the obligation to pay is conditioned within the terms of the bank's promise, therefore if the demand guarantee is payable upon the beneficiary's written first demand he is assured payment notwithstanding any defence related to any other underlying ...
Loan agreements are documented via a compilation of the various mutual promises made by the involved parties. [ 2 ] [ 3 ] Prior to entering into a commercial loan agreement, the "borrower" first makes representations about his affairs surrounding his character, creditworthiness, cashflow, and any collateral that he may have available to pledge ...
Promise works with utilities and government agencies to provide flexibility in payments for people who can't cover their whole water or electricity bill at once. The company has seen enormous ...
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