Promissory Note

A promissory note is a document issued by a debtor who promise to pay the creditor or whosoever creditor orders, an amount certain, with or without interest, on a specified date.

Description

A promissory note is a document issued by a debtor who promise to pay the creditor or whosoever creditor orders, an amount certain, with or without interest, on a specified date. It is considered the best evidence to prove the existence of a debt. Aside from being an evidence of indebtedness a promissory note also provides certain terms and conditions, such as interest rate, monthly installment, consequences of default and assignability.

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