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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), [1] subject to any ...
According to section 4 of India's Negotiable Instruments Act, 1881, "a Promissory Note is a writing (not being a bank note or currency note), containing an unconditional undertaking, signed by the maker to pay a certain sum of money only to or to the order of a certain person or the bearer of the instrument". [14]
The rule is particularly problematic in the consumer debt context where a business offers to finance a consumer purchase by accepting a promissory note signed by a consumer for part or all of the balance in lieu of tender of the full cash price, then sells the note to a bank (technically, by selling an assignment of its rights in the note) in ...
Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements offered by regulated banks are different from those that are offered by finance companies in ...
Principally, these are documentary intangibles. For example, a promissory note is a piece of paper that can be touched, but the real significance is not the physical paper, but the legal rights which the paper confers, and hence the promissory note is defined by the legal debt rather than the physical attributes. [1]
Note, in this situation, the employee may be able to prevail on a claim of promissory restitution, but there is no contract for lack of consideration. Promissory estoppel is a separate cause of action to breach of contract, requiring separate elements to be shown.
In order to be valid, a promissory note has to be signed by the debtor company plenipotentiary, and better printed on the company letterhead, stamped and notarized. The notarization adds a level of security as an accredited notary certifies that the promissory note in in due form and signed by the relevant person.
Holder is a term used to any person who has a promissory note or bill of exchange in their possession. [1] The holder may be the payee, endorsee, or bearer. [1] The holder can enforce, or seek payment for, the bill. [2] A holder for value is a holder who has given value for an instrument. [2]
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