Add Watermark To Legal Washington Promissory Notes Forms For Free

When a person issues a promissory note, he/ she would have to stamp it as per the Indian Stamp Act and normally a revenue stamp is affixed on the PN signed by the promissory. You can use Re 1/- revenue stamp and get it cross signed by the borrower.

Features of Promissory Note Signed Documents ? The document is duly signed and drawn by the drawer and stamped. Unconditional Promise ? The promise to pay a certain amount of money must be absolute in all cases. In such notes, a conditional guarantee is not accepted.

A) A promissory note generally involves two parties, i.e. a maker (debtor) and a payer (creditor). On the other hand, bills of exchange include a drawer, a drawee and a payee. b) As the bills of exchange introduction above shows, a bill orders the drawee to pay as per the drawer's directions.

For instance, a mere receipt even if coupled with a promise to pay is never intended to be a promissory note. promissory note and a bond is twofold : - (i) a promissory note contains a promise to pay a certain sum of money to another, whereas a bond contains a promise to pay simple money.

You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.

Maker or Drawer is the person who makes or draws the promissory note to pay a certain amount as specified in the promissory note. He is also called the promisor.