A Promissory Note is a payment instrument governed by special rules. Even if the Promissory Note is created as a result of some contract of sale it is separate and stands alone so that if the underlying contract is not valid for some reason, the maker of the Promissory Note must still pay it when presented on the due date.
This Promissory Note template promises to pay a fixed sum on demand or at some specified date in the future, for value received, and stipulates the name and address of the bank where the Promissory Note is payable. There is no provision for interest.
This Promissory Note is for use then the maker, the person making the promise to pay, is an individual (not a company).
The document is suitable for use in England, Wales and Scotland and allows you to provide details of:
- due date