Promissory Note (Joint & Several)
This Promissory Note (Joint & Several) is a simple way of acknowledging a debt where two promisors are responsible for repayment. It is a legally binding contract and consists of a written, dated and signed unconditional promise by two individuals or companies (the ‘promisors’) to pay a definite sum of money to the ‘payee’ (who may be an individual or a company), either on demand or at a specified future date.
The note is signed only by the promisors (and not by the payee/lender).
As a general principle, for promissory notes, the law presumes (contrary to the usual rules of contract) that consideration is provided. It is therefore not necessary to execute a promissory note as a deed.
The debt recorded by this Promissory Note is unsecured.
What does Promissory Note (Joint & Several) do?
It records two promisors’ promise to repay a definite sum, on a joint and several basis.
When should you use Promissory Note (Joint & Several)?
Use this version if more than one person or company is responsible for repaying the principal amount and you want each promisor to be individually liable to repay the full amount if the other becomes unable to pay.
Choose the right version
If you do not want joint and several liability, use a single-promisor promissory note from this collection, for example:
- Basic Promissory Note with no Interest
- Promissory Note for Individuals with Interest and Instalments
- Basic Promissory Note for Companies no Interest
- Promissory Note for Companies with Interest and Instalments
Promissory Note (Joint & Several) is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.