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What is a promissory note?

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What is a promissory note?
posted Jun 30, 2017 by Pratiksha Shetty

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Promissory note is a written promise to pay a debt. It is a financial instrument, in which one party (maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed, determinable future time or on demand of the payee subject to specific terms.

Thus, a promissory note generally means a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand. A promissory note can be either payable on demand or at a specific time. If the promissory note is unconditional and readily salable, it is called a negotiable instrument.

answer Jul 1, 2017 by Ramesh Gowda
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