Question

What if the promissory note is not paid?

Answer 1

In case a promissory note is not paid it is deemed dishonoured and the original debt amount is yet payable. A new promissory note can be drawn upon the payer depending on the repayment position or the bill maker can take the payee to court.

Also read:

• What Is Promissory Note?
• Difference Between Bill of Exchange and Promissory Note