Loan money - pronote -

Promissory note is a negotiable instrument and the Negotiable Instruments Act defines promissory note as “an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument”. All pronote have the following elements:

• An unconditional undertaking to pay;
• The sum should be a specified sum of money and should be certain;
• The repayment should be to or to the order of a person who is certain or to the bearer of the instrument;
• The promisor should sign the promissory note;
• The promissory note must be in writing;
• The promissory note should be payable on demand or it should be payable on demand at some fixed future time;
• Promissory note does not require attestation.