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If the maker of a promissory note fails to pay the note on the due date the note is said to be what?
Wiki User
∙ 13y ago
It would be considered in default.
Wiki User
∙ 13y ago
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Amount of promissory note is called?
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.
What is the Failure by promissory note's maker to pay the amount at maturity is known as?
dishonoring the note.
What is a promissory note?
A promissory note (which is usually referred to simply as a note) is a written promise to pay a specific sum at a definite future date.
What is Promissory Check Open Check Cross Check and Stale dated Check?
promissory note a written promise by a person or the maker.
What is the definition of demand promissory 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.
The amount of the promissory note plus the interest earned on the due date is called the?
The amount of the promissory note plus the interest earned on the due date is called the maturity value.
If someone fails to pay on a promissory note can you report them to the credit bureau?
small claims court
What is Difference between cheque and promissory note?
The following are the main differences between a Bill of Exchange and a Promissory Note:A Bill of Exchange is an unconditional order to pay money, whereas a promissory note is an unconditional undertaking or promise to pay money to a certain person.In a Bill of Exchange, there are three parties, viz., the drawer, the drawee and the payee. In a Promissory Note, there are only two parties, viz., the Maker and the Payee.In case of usance (Time) bill, acceptance of the bill is necessary, whereas in a promissory note no such acceptance is required.While foreign bill of exchange is drawn in sets of three, foreign promissory note requires no such sets.In case a foreign bill of exchange is is dishonoured, protesting is compulsory. But when a foreign promissory note is dishonoured, no protesting is required.In case a bill of exchange is dishonoured, a notice of dishonour is required to be given by the holder to the maker of the bill (= drawer). However, in case a promissory note is dishonoured, no notice of dishonour is required to be given by the holder of the maker of the promissory instrument.The liability of the drawer (= maker) of a bill of exchange is secondary, whereas, the liability of the maker of a promissory note is primary.A bill of exchange is drawn for financing trade, whereas, the liability of the maker of is a promissory note is primary.When a bill of exchange is made payable to the bearer, it is not considered as illegal. But a Promissory Note, which does not contain the payee's name, but states that it is payable to bearer, it becomes illegal.In a bill of exchange, the drawee can put conditions subject he will accept the bill. but in a promissory note a maker cannot put any conditions on it.M.J. SUBRAMANYAM, BANGALORE
What Is promissory?
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.
Characteristics of promissory note and how does a promissory note operate?
1. it must be in writing 2.must contain an express promise to pay not just merely acknowledgement of a debt. 3.the promise to pay must be unconditional. 4. the maker of the note must sign it
Wording for promissory note?
wording for promissory note with collateral
Can you make me a promissory note?
There are several things that you would require to include in a promissory note. This is a document with promise to pay which includes the specific bearer, definite date and exact amount to be paid.
