Promissory Note:
A "promissory note" is 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.
Parties to a Promissory Note:
Maker: He is the person who promises to pay the amount stated in the note. He is the debtor.
Payee: He is the person to whom the amount is payable i.e. the creditor.
Holder: He is the payee or the person to whom the note might have been endorsed. The endorser and endorsee on the same person as in the case of a bill of exchange.
