Simple English definitions for legal terms
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An approved indorsed note is a type of promissory note that has been endorsed by a third party to provide additional security. A promissory note is a written promise by one party to pay money to another party or to bearer. It is a two-party negotiable instrument, unlike a draft which is a three-party instrument.
For example, if John owes money to Jane, he can give her a promissory note stating that he will pay her back by a certain date. If Jane wants additional security, she can have a third party, such as a bank, endorse the note. This means that the bank is also liable for the payment if John fails to pay.
Other types of promissory notes include:
These examples illustrate the different types of promissory notes that exist and the various ways in which they can be used to secure a loan or debt. It is important to understand the terms and conditions of a promissory note before signing or endorsing it.
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