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Unit-10 Other Subsidiary Books

In this unit, we intend to take up the remaining books.

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Name the parties to a promissory note.

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Learning Pundits Content Team

Written on Jun 25, 2019 3:42:48 PM

There are two parties involved in a promissory note, namely:

Drawer: The drawer of a promissory note is the maker and the debtor. The drawer issues the promissory note and promises to pay a certain amount to the drawee (payee). He is also called the promisor. The drawer of a promissory note can theoretically consist of 2 or more parties. In that case, the promissory note can be made payable jointly (the debt is divided by the number of drawees) or alternatively (the drawees pay in turn one after another, if there several payments deadline).

Drawee: The drawee is the other main party involved in the promissory note. It is the payee or creditor who would receive the money from the maker/debtor. He is also called the promisee. The word drawee for a promissory note can be a bit confusing since money is not drawn from him. He is actually the one who receives it. Therefore it is better to say payee or creditor.