NI act Law
Promissory Note
A written, signed promise by one person to pay a specific sum of money to another person, either on demand or at a specified future date.
A promissory note is a straightforward, unconditional written promise to pay, commonly used to formally document a loan between two parties, and is itself a negotiable instrument that can, depending on how it is drafted, be transferred to a third party.
Because it directly evidences a debt, a promissory note significantly strengthens a lender's position in a recovery suit compared to relying only on an oral agreement.
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