Question

The drawer of a promissory note is known as ---.

• A. bearer
• B. endorsee
• C. payee
• D. maker

Answer 1

Answer:

D. maker

Promissory Note:

• In promissory note is an unconditional undertaking or promise. 

• Acceptance is not required on the Case of promissory note.

• The drawer of a promissory note is known as maker. 

• The primary liability in the case of promissory note is with the maker. 

• A promissory note must be properly  Stamped as per Indian stamp Act. 

• Affix of revenue stamps of Re1 are necessary in the case of promissory notes. 

• The drawer of a promissory note is always a debtor.