Question

Promissory note is defined in which Section of NI Act ?

• A. Section 4
• B. Section 5
• C. Section 3
• D. Section 8

Answer 1

Answer:

A. Section 4

PARTIES OF PROMISSORY NOTE:

• Drawer or Maker or Debtor or Promisor: The person who draws or make the promissory note 

• Drawee or Payee or Creditor or Promisee: 

• The person in whose favour the promissory note is drawn is called promisee. 

• Promissory note is defined in Section 4 of NI Act