Promissory Note

A written promise to pay a certain sum of money at a future time, unconditionally.

Bailey, Bills, 1; 3 Kent, Comm. 74; 7 Watts & S. (Pa.) 264; 2 Humph. (Tenn.) 143; 10 Wend. (N. Y.) 675; 1 Ala. 263; 7 Mo. 42; 2 Cow. (N. Y.) 536; 6 N. H. 364; 7 Vern. 22.

A written engagement to pay absolutely to a person named, or to order or bearer, at a specified time or on demand, a certain sum of money.

10 111. 252; 15 Mass. 387; 127 N. Y. 92.

No particular form of expression is required.

37 111. 137; 7 Vt. 22.

A date is not essential.

32 Ind. 375; 30 Vt. 11; 76 Ala. 339.

The promise must be unconditional.

30 Minn. 441; 6 Wis. 209. 424; 6 N. H. 364), of- "due to," etc. (88 Hun [N. Y.] 535; 27 111. 337; 17 Ga. 574).

To be a promissory note, the instrument must be for the payment of money only.

40 Ark. 344; 20 N. Y. 272; 17 Wis. 139.

The payee must be clearly designated (13 Ga. 55; 6 Mo. App. 583; 1 111. 18); but this may be done by description, without naming him (16 111. 169). •The consideration need not be expressed.

127 N. Y. 92; 26 Or. 315; 8 Cal. 288.

The place of payment need not be stated.

31 Tex. 614.

The time of payment must be designated, unless the note is payable "on demand" (86 U. S. 560).

But see 8 Miss. 176; 1 Pin. (Wis.) 643.

The amount, payable must be certain (60 Mich. 432), but the addition of "current exchange" (9 Mich. 241; 54 Minn. 184; 10 Wis. 34), or "attorneys' fees" (82 Ind. 370), does not prevent the instrument being a note. The decisions are in conflict as to whether negotiability is an essential of a promissory note. That it is not, see 1 Ga. 226; 46 Me. 387; 10 Gill & J. 299; 6 Gush. (Mass.) 172; 34 Vt. 402.

Contra, 1 111. 18; 8 N. J. Law, 262; 66 N. Y. 14.