Interest bearing promissory note is a note in which issuer and payee agree on specific interest rate which is stated in the note. On the due date, issuer has to pay interest and principle amount to the payee.
These promissory notes are written collectively by two or more persons and it is joint liability of them. The payee has right to claim from all individuals. Therefore, all makers are liable to pay money due on note.
The maker of this note can issue the date of next period. For example, the note may be issued in June but it may bear date up to July. All such notes are known as post dated.
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