Bills of Exchange Act 1908

Part 3
Promissory notes

84 Promissory note defined

  • (1) A promissory note is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person 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 or dispose thereof.

    (4) A note that is, or on the face of it purports to be, both made and payable in New Zealand is an inland note; any other note is a foreign note.

    Compare: 1883 No 8 s 83