Katana VentraIP

Promissory note

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 determinable future time or on demand of the payee, under specific terms and conditions.[1]

the term "promissory note" inserted in the body of the instrument and expressed in the language employed in drawing up the instrument

an unconditional promise to pay a determinate sum of money;

a statement of the time of payment;

a statement of the place where payment is to be made;

the name of the person to whom or to whose order payment is to be made;

a statement of the date and of the place where the promissory note is issued;

the signature of the person who issues the instrument (maker).