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Under the Negotiable Instruments Law 1, a negotiable promissory note is defined as an “unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed and determinable future time, a sum certain in money to order or to bearer.
Apr 26, 2024 · To prevent this from happening, then you should use a non-negotiable promissory note; a non-negotiable promissory note will typically include the words "not negotiable." Promissory notes are a common type of financial instrument in loan transactions.
Feb 27, 2024 · A promissory note is a financial instrument that contains a written and signed promise between two parties to repay a sum of money in exchange for a loan or other financing.
- A negotiable promissory note within the meaning of this Act is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to order or to bearer.
A non-negotiable instrument is a document that represents a promise to pay a certain amount of money, but it cannot be transferred to another party. The holder of a non-negotiable instrument is the only person entitled to receive payment from the original issuer.
Mar 6, 2024 · Non-negotiable promissory notes are promissory notes that cannot be transferred. They are a direct agreement between the bearer and the borrower, and they cannot be purchased or used by a third party.
CHATTEL NOTES. A promissory note given for a chattel and stipulating that the title to the chattel shall remain in the vendor-payee until the note is paid, is not conditional. REFERENCE TO MORTGAGES. Provisions in the mortgage doesn’t affect the negotiability of the instrument it secures.
