Simbajon, Alejandro.pptx - Different types of Negotiable...

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Different types of Negotiable Instrument Law 5 Submitted to: Sir Alexis Agmata Submitted by: Simbajon, Alejandro
1. Promisso ry note a legal instrument (more particularly, a financial instrument and a debt instrument), in which one party promises in writing to pay a determinate sum of money to the other either at a fixed or determinable future time or on demand of the payee, under specific terms. common financial instrument in many jurisdictions, employed principally for short time financing of companies. can work as a form of private money. may be used in combination with security agreements. unconditional and readily saleable Promissory notes differ from IOUs in that they contain a specific promise to pay along with the steps and timeline for repayment as well as consequences if repayment fails. IOUs only acknowledge that a debt exists .
Examples of promissory note:
WHAT DOES A PROMISSO RY NOTE INCLUDE? Name of payee and maker Address of borrower Amount of money borrowed Length of loan period Whether you will charge interest and what the rate is Defaulting on loan and penalty information Whether it is secured or unsecured Signatures and witness signatures
2. Bill of Exchange

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