<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad1" id="quads-ad1" style="float:left;margin:0px 0px 0px 0;">

</div>
<p align="justify">A promissory note is a negotiable instrument, which refers to unconditional, written and signed promise by the maker or issuer to pay a specific amount of money to a payee on demand or at a particular future date. A promissory note differs from IOUs and bill of exchange. In case of IOUs there is only acknowledgment of debt’s existence whereas promissory note has definite promise to pay. Similarly, bill of exchange involves three parties whereas the maker of a promissory note pays the payee personally. Some of the important types of promissory note are given below:</p>
<h3 align="center">Types of Promissory Note</h3>
<p align="center">&#160;</p>
<p align="justify">
<h3>1. Inland Promissory Note</h3>
<p align="justify">
<p align="justify">If the payee and drawer of promissory notes belong to a single country, then these notes are known as inland promissory notes.&#160; Inland promissory notes are further divided into following two categories:</p>
<p align="justify">
<strong>(a) Inland Joint-Promissory Note</strong></p>
<p align="justify"><strong></strong><br />
If two or more than two persons draw then the note is called a collective or joint-promissory note. All these persons are responsible to make payments of this note. Lawsuit may be filed against all persons in case of failure of payment.</p>
<p align="justify">
<strong>(b) Inland Individual -Promissory Note</strong></p>
<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad2" id="quads-ad2" style="float:none;margin:0px 0 0px 0;text-align:center;">

</div>

<p> <strong></strong> </p>
<p align="justify">
Single owner or drawer of a promissory note is known as individual promissory note. This individual is responsible for the payment. If individual fails to make the payment then the lawsuit will only be filed against that individual only. </p>
<p align="justify">
<h3>2. Foreign Promissory Note</h3>
<p align="justify">
<p align="justify">If the payee and drawer of a promissory note belong to diverse countries then the note is known as foreign promissory note. This note is also divided into following two categories:</p>
<p align="justify">
<strong>(a) Foreign Joint-Promissory Note</strong></p>
<p align="justify"><strong></strong><br />
If two or more individuals draw a note then such note is known as collective or joint-promissory note. All these individuals are responsible to make its payment. Lawsuit may be filed against all individuals in case of any payment failure. </p>
<p> <strong>(b) Foreign Individual-Promissory Note</strong></p>
<p> <strong></strong><br />
Single drawer of a promissory note is known as individual promissory note. Since only a single individual is issuing the note therefore, he/she will be responsible for the payments. </p>
<h3>3. Demand Promissory Note</h3>
<p> If the maker has funds to honor it, then he can prepare demand promissory note. The amount of this promissory note may be payable on the demand and payee of this note has right to claim a note when he wants to collect it. The maker of this note is prepared to pay amount on any day. </p>
<h3>4. Interest Bearing Demand Promissory Note</h3>
<p> The maker of this note is liable to pay amount with an agreed interest rate. This note is also payable on demand because as long it remains outstanding interest will also be payable for agreed time.&#160; </p>
<h3>5. After Date Promissory Note</h3>
<p> The maker can issue after date note. The life of this note is stated in it and due date is calculated from date recorded on the face value of promissory note.&#160; 
<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad3" id="quads-ad3" style="float:none;margin:0px;">

</div>


Page: 1 2
Microsoft Corporation also known as MS is one of the biggest multinational technology-based company in…
The article is based upon in-depth analysis of Fast Food Industry of Australian Region with…
The paper presents detailed overview about the Apple Inc. analysis on the parameters set by…
The purpose of this research paper is to develop a marketing plan for the Thomson…
1. As applicable to other department managers, a human resources manager invigilates the departments and…
The purpose of the present article is to formulate a work allocation flow chart of…