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the party making the promise to pay the promissory note is the? a.maker. b.payee. c.lender. d.assignee.
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39 votes
39 votes
the party making the promise to pay the promissory note is the? a.maker. b.payee. c.lender. d.assignee.

User Remykits
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1 Answer

25 votes
25 votes

Answer:

PAYEE

Step-by-step explanation:

A promissory note is a legal instrument in which the first party (maker) promises to pay a specific amount to another (payee) at a specific time with specific terms and conditions.

For example: I want a business loan (promissory note). I go to the bank. They write up the paperwork. The loan officer (maker) agrees to pay me the $3000 at 6% for the next 3 years. I sign the paperwork stating I accept the loan (I am now the payee).

User StinkyCat
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