KINDS OF PRONOTES (PROMISSORY NOTES)

by • 17/06/2011 • 2nd year BankingComments (1)2035

KINDS OF PRONOTES (PROMISSORY NOTES)

The promissory note may be of the following kinds:

1.         Kinds by Time: Under this category, the pronote can be further subdivided:

1.         Sight Promissory Note:

This is the note which becomes payable on sight

2.         Usance or Time Promissory Note:  This type of promissory note is made for a definite period of time after the expiry of which it become payable.

2.         Kinds of Liability: Again it can be further subdivided into:

1.         Single Promissory Note:

Where the promissory (maker) is only one person and makes only himself liable to pay off the sum, such a note is known as single promissory note.

2.         Joint Promissory Note:

Where there are two or more promissors or makers of the note, such a written promise is known as a joint promissory note. In it two or more persons are jointly or individually liable to pay off the borrowed sum.

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One Response to KINDS OF PRONOTES (PROMISSORY NOTES)

  1. tayyeba says:

    plz tell me how can i copy these notes?

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