Would a promissory note be null and void if nothing was ever lent or borrowed?

Answer 1

A promissory note is an unconditional promise to pay a fixed amount at a fixed time accruing a fixed interest thereafter.

Promissory notes differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists. In common speech, other terms, such as "loan," "loan agreement," and "loan contract" may be used interchangeably with "promissory note" but these terms do not have the same legal meaning.

So the answer depends on whther this is a true promissory note or an instrument that was created to memorialize a transaction that wasn't completed.

Clarification

The answer is that if there is a fully executed promissory note then it can be enforced in court. A fully executed promissory note is absolute evidence that the borrower owes the lender. A defense that the borrower never received the money would be difficult to prove. If the funds were not transferred to the borrower there should not be a fully executed promissory note.

First, the promissory note should only be signed by the borrower at the same time the funds are handed over. Second, if one was executed and the funds were not paid over to the borrower then the promissory note should not be signed by the borrower and if signed, it should be destroyed since the loan was not completed.