Commonwealth Consolidated Acts

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BILLS OF EXCHANGE ACT 1909 - SECT 89

Promissory note defined

             (1)  A promissory note is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to or to the order of a specified person, or to bearer.

             (2)  An instrument in the form of a note payable to maker's order is not a note within the meaning of this section unless and until it is indorsed by the maker.

             (3)  A note is not invalid by reason only that it contains also a pledge of collateral security with authority to sell or dispose thereof.

             (4)  A note which is, or on the face of it purports to be, both made and payable within Australasia is an inland note. Any other note is a foreign note.



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