A modern government issued currency note is not a promissory note, although currency did evolve from the concept of a promissory note.
A promissory note is a promise from a specific individual, group or entity to pay "money" to the noteholder generally within a certain timeframe.
When banks first issued banknotes, they were indeed a promise to pay to the holder in gold or other precious metal (what was then considered "money") in an amount equal to the face value if presented to the bank.
When governments over the issuance of banknotes, the promise remained -- until the gold standard was abolished and the paper notes themselves became "money" rather than just promises for money.
A currency note is a banknote -- a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand.
Currency notes are promissory notes payable to the bearer on demand.section 31 of RBI ACT provides that no one other than RBI or Central Govt. Can issue a promissory note or bill of exchange payable to bearer on demand...hence no cheque works just as a currency note.
A promissory note is defined as an instrument in writing (not being a bank note or a 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 to the bearer of the instrument.
wording for promissory note with collateral
A promissory note is defined as an instrument in writing (not being a bank note or a 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 to the bearer of the instrument.
No....a promissory note is not valid without a consideration.
A promissory note is a fancy legal name for a legally phrased I.O.U.
The amount written on the face of a promissory note is called face value or principal. The date on which the promissory note is written is called the issue date.
Even though you file bankruptcy, you still have to honor the promissory note. If you are ordered to make installment payments then you will have to pay the promissory note in installments.
I have the promissory note to my house.
I needed to sign a promissory note for my student loan money.The bank is legally owed money when you sign a promissory note.The promissory note was only one page long but used complicated language.
No, the amount of the promissory note is the face vale not maturity value. Maturity value is the value of the money on the promissory note after a period of time.