Simple English definitions for legal terms
Read a random definition: restitutory interdict
A joint note is a type of promissory note where multiple makers are jointly liable for repayment. This means that the payee must legally look to all the makers together for payment of the debt.
For example, if John and Jane sign a joint note for $1000, and John fails to pay his share, the payee can legally demand payment from Jane for the entire $1000.
Joint notes are different from joint and several notes, where multiple makers are jointly and severally liable for repayment, meaning that the payee may legally look to all the makers, or any one of them, for payment of the entire debt.
Other types of promissory notes include installment notes, demand notes, mortgage notes, and secured notes.