...The only difference between a promissory note and a bill of exchange is that the maker of a note pays the payee personally, rather than ordering a third party to do so. A promissory note is a legal instrument (more particularly, a financial 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 Format The promissory note begins with a statement that includes the date and a summary of the contract, such as a statement, used on an Expert Law form, that "on this date the undersigned borrower promises to repay the lender the specified sum and interest rate." The body of the promissory note contains the sections that detail the agreement, or promise. The document should end with a statement that the parties sign under penalty of perjury, the date of signing, and the names and signatures of the borrower, lender and witness. the promissory note is interpreted and enforced under the laws of the state specified. ...
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