BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Maker
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The Payee
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Endorsee
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Both 1 and 2
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Detailed explanation-1: -Promissor and Payee are the two parties of a promissory note.
Detailed explanation-2: -As its name indicates, a promissory note is basically a promise, put into writing, to pay another person a sum of money. The person making the promise is called the payer, while the person who is to receive the payment is known as the payee.
Detailed explanation-3: -There are two parties to a promissory note. Maker or Drawer is the person who makes or draws the promissory note to pay a certain amount as specified in the promissory note. He is also called the promisor. Drawee or Payee is the person in whose favour the promissory note is drawn.
Detailed explanation-4: -There are primarily two parties involved in a promissory note. They are: The Maker or Drawer – the person who makes the note and promises to pay the amount stated therein. In the above specimen, you are the maker or drawer.
Detailed explanation-5: -There Are Two Parties to a Promissory Note: (1) Maker: Maker or drawer is an individual or entity who makes or draws the promissory note with a promise to pay a certain sum as is specified in the promissory note.