Question

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

• A. payee
• B. maker
• C. endorser
• D. drawee

Answer 1

Answer:

B. 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.