Section – 4, NEGOTIABLE INSTRUMENTS ACT, 1881
” Promissory note “
4. A ” promissory note ” is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.
Illustrations
A signs instruments in the following terms :
| (a) | “I promise to pay B or order Rs. 500″. | |
| (b) | “I acknowledge myself to be indebted to B in Rs. 1, 000, to be paid on demand, for value received.” | |
| (c) | “Mr B, I.O.U Rs. 1,000.” | |
| (d) | “I promise to pay B Rs. 500 and all other sums which shall be due to him.” | |
| (e) | “I promise to pay B Rs. 500 first deducting thereout any money which he may owe me.” | |
| (f) | I promise to pay B Rs. 500 seven days after my marriage with C . | |
| (g) | I promise to pay B Rs. 500 on D‘s death, provided D leaves me enough to pay that sum. | |
| (h) | I promise to pay B Rs. 500 and to deliver to him my black horse on 1st January next. |
The instruments respectively marked (a) and (b) are promissory notes. The instruments respectively marked (c), (d), (e), (f), (g) and (h) are not promissory notes.