Bills of Exchange Act, 1964 (Act No. 34 of 1964)Chapter IIIUnindorsed or irregularly indorsed instruments87. Promissory note defined |
| (1) | A promissory note is an unconditional promise in writing made by one person to another, signed by the maker, and engaging to pay on demand or at a fixed or determinable future time, a sum certain in money, to a specified person or his order, or to bearer. |
| (2) | An instrument in the form of a note payable to maker's order is not a note within the meaning of this section unless and until it is indorsed by the maker. |
| (3) | A note is not invalid by reason only that it contains also a pledge of collateral security with authority to sell it or dispose thereof. |