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Promissory Note ­ A brief Introduction and Features | Gr8AmbitionZ

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instruments  act  defines  a

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Promissory  Note  as  an

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Instrument  in  writing  (not  being  a bank  note  or  a  currency  note) containing 

an 

unconditional

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undertaking,  signed  by  the  maker, to pay a certain sum of money only to  or  to  the  order  of  a  certain

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Promissory Note ­ A brief Introduction and Features | Gr8AmbitionZ

A  promissory  note  must  be  in

Results Out

writing, containing an unconditional

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promise to pay a certain money to a  certain  person.  It  must  be  duly

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Home 1.  English Aptitude Reasoning G.K. Writing : The promissory note United India Associates Clerks Online Exam Insurance AO to be valid must be in writing. 2015 Exam Special Computers Oral  Current Affairs 2015 Notifications 2015 promise  to  pay  certain H I Friends, Myself Y Yogesh Reddy , A 2014 Detailed Review Of SBI

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sum  after  some  time  is  not

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called  a  promissory  note.  It

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may be in any form written or printed. 2.  Promise 

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to 

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: 

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promissory  note  to  be  valid must 

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contain 

express

undertaking or promise to pay certain  amount  on  certain date.  A  mere  accepting  of  a debt is not promissory note. A

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valid  promissory  note  must

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contain 

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following

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"I Promise to pay X on

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Promissory Note ­ A brief Introduction and Features | Gr8AmbitionZ

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order 

Rs.

_______________/­ " 3.   Unconditional  Undertaking :  The  promise  to  must  be unconditional,  absolute  and should 

not 

depend 

on

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March (1) February (270) January (247) December (160) November (136)

happening or not happening an

October (170)

event. 

September (172)

For 

example, 

the

document contains a sentence. "I  promise  to  pay  as  soon  as possible  a  sum  of  Rs.  10,000. It  cannot  be  identified  as promissory  premisses 

note  will 

such create

August (188) July (175) June (138) May (130) April (91)

uncertainty  of  payment  and

March (102)

therefore it is not a promise.

February (183)

4.  Signed  by  the  Maker  :  The

January (187)

promissory  note  to  be  valid

December (145)

must  be  signed  by  the  debtor

November (99)

who makes it. It can be signed by  the  agent  also,  but  the

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Agent  must  specify  that  he  is g  on  behalf  of  a  debtor otherwise he will be personally

October (109) September (87) August (81) July (97) June (114)

liable. 5.  The maker Must be Certain

May (88)

:  The  promissory  note  must

April (83)

show clearly who is the person

March (83)

undertaking 

February (65)

to 

pay 

the

amount.  Maker  is  taken  as certain  if  from  the  description of 

the 

maker, 

sufficient

indication  follows  about  his identity. 6.  Payable to a Certain Person

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Promissory Note ­ A brief Introduction and Features | Gr8AmbitionZ

:  The  payee  must  be  certain.

August (89)

the  instrument  must  identify

July (46)

with  certainty  to  whom  the

June (48)

amount  is  payable.  The  payee may  be  ascertained  either  by name  or  designation.  The promissory  note  is  payable only  to  certain  person  named

May (60) April (33) March (2) February (34)

or  identified  but  not  to  a

January (13)

bearer on demand. 

December (10)

7.  Promise  to  Pay  Money  and Money Only : The promissory note  should  contain  a  certain sum  of  legal  tender  money

January (1)

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only  but  not  goods.  A  promise to  deliver  goods  either  in  the alternative 

or 

addition 

to

money  does  not  constitute  a promissory note.  8.  Amount  Payable  Must  be Certain : The amount payable on  promissory  note  must  be certain  and  definite.  According to  Sec.  5  of  the  Negotiable Instruments  Act,  the  sum payable 

may 

be 

certain,

inspite of the fact that,  1.  it  includes  future  interest, or 2.  it 

is 

payable 

indicated 

at 

rate 

an of

exchange, or 3.  it  is  payable  according  to the course of exchange.

AP Forest

9.  Delivery  Essential  :  The

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Promissory Note ­ A brief Introduction and Features | Gr8AmbitionZ

promissory  note  is  to  be delivered  to  creditor  by  the debtor. Unless it is delivered, it does  not  constitute  as  a promissory note.

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10.  Other  Formalities  :  The other 

formalities 

number,  consideration  usually 

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regarding

place, 

date

etc. 

though

essential 

but 

not

essential  in  law.  But  the promissory  note  must  be properly  stamped  as  required by the Indian Stamps Act. Read complete lessons on Banking Awareness from here Sponsored links You might also like:

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VIJAYKUMAR NAYAK •   a year ago

plz let me knw BCA is cnsdrd as qualificatn or nt fr ibps clerk...plz rply mam u rply fr othrs y nt me...

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SBI PO Study Materials

plz let me knw BCA is cnsdrd as qualificatn or nt fr ibps clerk...plz rply mam u rply fr othrs y nt me...

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VIJAYKUMAR NAYAK •   a year ago

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FAROOK  •  a year ago

tnx for the info

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gayathri  •  a year ago

thank you so much

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Neha  •  a year ago

number of question in reasoning and quant in ibps po III? 40 or 50? In notification they have only mentioned maximum marks 50? Will their be 50 ques of 50 marks or 40 ques of 50 marks like RRB PO n Clerk

△  ▽

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Anonymous  •  a year ago

shivani mem could u  a list of govt schemes, their ing years,their motive nd they are http://www.gr8ambitionz.com/2013/09/promissory­note­brief­introduction­and.html

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Promissory Note ­ A brief Introduction and Features | Gr8AmbitionZ

years,their motive nd they are come under which deparment jst lyk swavlamban, swabhiman etc.....bcoz it;s a common Q... in rrb exams 1 △  

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Anonymous  •  a year ago

thank u

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VIKASH KUMAR •   a year ago

awsm notes. Plz provide notes regarding M1,M2,M3,M4 and about the pillars of BASEL. Thnks in advnce 1 △  

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Anonymous  •  a year ago

thanks a lot... mam plz update some notes on NEFT, RTGS, SWIFT..

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Anonymous  •  a year ago

thank you mam

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pallab  •  a year ago

THANKS FOR KEEPING MY REQUEST REGARDING UPDATE ON DIFFERENT FINANCIAL ITEM  WOULD U PLEASE UPDATE ECONOMICAL HAPPENING...PLZ TAKE AS CONCERN IT WILL VERY HELP FULL AS FAR ALL BANK XAM IS CONCERN.

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Promissory Note ­ A brief Introduction and Features | Gr8AmbitionZ

sonal chandane •   a year ago

for IBPS , any graduate can apply.. so i think u also can apply if u have completed ur degree.

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Anonymous  •  a year ago

I think 40 questions only because total time allotted is 2 Harsha only

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Anonymous  •  a year ago

good data for baking thanq

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Anonymous  •  a year ago

thq for data

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Anonymous  •  a year ago

hai frd gd lck fr exams

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Anonymous  •  a year ago

thnk's alot ...!

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Mahi Khanna  •  a year ago

yes it will be consdrd

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subbu goda  •  a year ago

gd mrng mam..i am compleated b.sc(maths,physics,chemistry) i got ibps po. Plz tell me what type of qutions asked, based on graduation...

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subbu goda  •  a year ago

hi mam .., i was completed B.sc(phy,chemistry, maths) i got

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Promissory Note ­ A brief Introduction and Features | Gr8AmbitionZ

B.sc(phy,chemistry, maths) i got ibps po with 73 marks . Plz tell me what type of quetions asked in interview on based graduation .. Plz ans it

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mercy  •  a year ago

when is sbi clerk notification plz inform

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