Ed Franklin Promissory Note sale

2008-08-10T11:17:00.000-07:00

A promissory note, also referred to as a note payable in accounting, is a contract detailing the terms of a promise by one party (the maker) to pay a sum of money to the other (the payee)
The obligation may arise from the repayment of a loan or from another form of debt
For example, in the sale of a business, the purchase price might be a combination of an immediate cash payment and payments against one or more promissory notes for the balance
The terms of a note typically include the principal amount, the interest rate if any, and the maturity date
Sometimes there will be provisions concerning the payee's rights in the event of a default, which may include foreclosure of the maker's assets
Demand promissory notes are notes that do not carry a specific maturity date, but are due on demand of the lender
Usually the lender will only give the borrower a few days notice before the payment is due
For loans between individuals, writing and signing a promissory note is often considered a good idea for tax and recordkeeping reasons
In the United States, a promissory note that meets certain conditions is a negotiable instrument governed by Article 3 of the Uniform Commercial Code
Negotiable promissory notes are used extensively in combination with mortgages in the financing of real estate transactions
Other uses of promissory notes include the capitalization of corporate finances through the issuance and transfer of commercial paper
At various times in history, promissory notes have acted as a form of privately issued currency
In many jurisdictions today, bearer negotiable promissory notes are illegal precisely because they can act as an alternative currency
All Scottish and Northern Irish bank notes are effectively standardized demand promissory notes

In fact, the IOU is simply an acknowledgment of the existence of a debt owed; in contrast, a promissory note , that is, it contains an affirmative undertaking to pay the amount stated by a date, or subject to other specified conditions.

FOR VALUE RECEIVED, the undersigned jointly and severally promise to pay to the order of ________________________________ [insert name of lender], the sum of_________________________________________ dollars ($________
The entire principal and any accrued interest shall be fully and immediately payable UPON DEMAND of any holder thereof
Upon default in making payment within_____ days of demand, and providing this note is turned over for collection, the undersigned agree to pay all reasonable legal fees and costs of collection to the extent permitted by law
This note shall take effect as a sealed instrument and be enforced in accordance with the laws of the State of ________________ [state]
All parties to this note waive presentment, notice of non-payment, protest and notice of protest, and agree to remain fully bound notwithstanding the release of any party, extension or modification of terms, or discharge of any collateral for this note
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This web site is for completing a Direct Loan Program electronic Master Promissory Note (MPN) for student Subsidized, Unsubsidized and/or Graduate PLUS loans that you take out to pay for your own education, or for parent PLUS loans that you take out to pay for your child's education
If you do not want to complete the MPN electronically, you may complete it using the paper process
If you would like to complete a paper MPN, please contact the school's financial aid office
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\n This is the correct choice if you are taking out" + " a loan to pay for your own education
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\n This is the correct choice if you are a parent taking out" + " a loan to pay for your child's education
\n\n If you are taking out a loan to pay for your" + " own education click 'Cancel' and then select Complete New MPN for Student Loans
Promissory note forms, valid in all 50 states
A promissory note will identify the parties, the amount of the obligation, some form of recitation of the consideration for the obligation (that is, what the debtor received in return for signing the note) and will usually include the terms of repayment, the interest rate which will apply (if any)
It may also include an "acceleration clause" which will make the entire amount of the note due if a payment is missed
Be careful when drafting a promissory note to consider state "usury" laws, the laws defining the maximum interest rate you are allowed to charge
There can be serious civil, and sometimes criminal, consequences for violating usury laws
In the context of a promissory note, the promissor is the person who is promising to repay the loan or obligation secured by the note
In the context of a promissory note, the promissee is the person who is entitled to receive payment for the loan or obligation secured by the note
In the context of a promissory note, this is another owrd for "promissor"
In the context of a promissory note, this is another word for "promissee"
In the context of a promissory note, the promissor usually obtains consideration in the form of a loan, and the promissee receives consideration in the form of the promise to repay under the terms specified in the note
This means that in the event that the borrower declares bankruptcy, the debt secured by the note will only be repaid after all debts to "secured creditors" have been paid
If you are lending money through an unsecured promissory note, a good rule of thumb is to never lend any more money than you are prepared to lose
If you are loaning a larger sum, consider consulting with a lawyer to make sure that your promissory note is bulletproof, and to determine how you might secure your note to ensure that you will eventually recover the balance of the loan
There can be significant consequences for entering into a "usurious" contract
Most jurisdictions make usury a criminal offense if the rate is particularly high
Please note that the mere fact that a bank or credit card company charges a particular interest rate does not mean that an individual can charge a similar rate
Many jurisdictions have different interest rate regulations for individuals than for banks or financial institutions
Individuals are often restricted to charging a lower rate of interest
Check your local laws before setting the interest rate for a promissory note
Check your local laws before setting the late fees for a promissory note
While a promissory note can provide the simplest mechanism to secure a debt, care should be taken if the note relates to a loan for the purchase or improvement of real estate
As such loans may be quite substantial, a mere promissory note may not provide the lender with adequate protection in the event that the promisor defaults
If you are lending money to help somebody with a real estate transaction, you can usually file a mortgage or lien in order to secure the loan
The lien or mortgage is recorded as a public document, and gives any subsequent purchaser of the real estate notice of the obligation and the fact that it is secured by the real estate
Unless your lien or mortgage is discharged at the time the property is transfered, the new purchaser will take the property "subject to the lien"
This provides you with protection in case the borrower goes bankrupt, or if the property is sold
Many office supply stores sell "fill in the blanks" form mortgages
For larger loans, you may wish to seek assistance from a lawyer to make sure that all documents and forms are in proper form and are properly filed and recorded with the Register of Deeds
As with mortgage forms, you will often be able to find state-specific promissory note forms at an office supply store
These forms often include instruction, including information about maximum allowable interest rates
Please be aware that the instructions may be out of date
There are also numerous websites that will allow you to purchase and download a promissory note form
Please be certain that the note you purchase online is specific to your jurisdiction before making your purchase
You may review a sample promissory note form on this website

Before you utilize any legal form you find on the Internet, you should have it reviewed by a lawyer in your jurisdiction to be sure that it meets your legal needs, and will be held valid by a court in the jurisdiction where you reside
On this date of [DATE], in return for valuable consideration received, the undersigned borrower[s] jointly and severally promise to pay to [LENDER'S NAME], the "Lender", the sum of $[DOLLARS] Dollars, together with interest thereon at the rate of [RATE] percent ([RATE]%) per annum
[Select from the following provisions, as desired] Terms of Repayment: This loan shall be repaid under the following terms: [describe terms]
All payments shall be first applied to interest and the balance to principal
Terms of Repayment (Periodic Payment): Starting on [DATE] and continuing until the principal balance of this Note and any accrued interest have been repaid in full, on the [DATE] day of each month the borrowers shall pay the amount of $[AMOUNT]
Terms of Repayment (Balloon): Starting on [DATE] and continuing therafter from month to month until the date of [DATE2], the borrowers shall make payments of interest only in the amount of $[AMOUNT]
On [DATE2], final payment is due in the amount of $[BALANCE]
Payable On Demand: The entire unpaid principal and accrued interest thereon, if any, shall become immediately due and payable on demand by the holder of this Note
Late Fees: In the event that a payment due under this Note is not made within ten (10) days of the time set forth herein, the Borrower shall pay an additional late fee in the amount of $[AMOUNT]
Late Fees: In the event that a payment due under this Note is not made within ten (10) days of the time set forth herein, the Borrower shall pay an additional late fee in the amount of [PERCENT] percent of said payment
All prepayments shall first be applied to interest, and then to principal payments in the order of their maturity
No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature
_______________________________________ Borrower(s) [Note- each borrower should sign separately
_______________________________________ Witness [Note- the lender may not be a witness
If more than one witness is used, each should sign separately
The attached file contains a sample unsecured promissory note that can be customized to document a loan to you from a family member, friend, or other private party
The form is designed to help prove that you have established a formal debtor/creditor relationship and that the exchange of money is a loan, not a gift
Executing a promissory note and adhering to its terms will help reduce the risks from gift tax issues, conflicts of interest and mismanagement claims, and personal misunderstandings between insiders and entrepreneurs
Keep in mind that this form is a starting point, not a finished product
You'll want to customize it to make sure that the agreement reflects the understanding between your business and the lender
The file contains a two-page document in rich text format (RTF) that is suitable for use with most word processing programs used in the Windows environment
The concise sample promissory note covers: proper identification of the parties basic repayment terms Â— interest, payment dates, place of payment, etc
As with all contracts and legal documents, it's a good idea to consult a local lawyer or the laws of your state regarding limitations or requirements affecting promissory notes (most notably the default and confession of judgment options)
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Generally used when someone borrows money from another person
This note is a written promise from the borrower to the lender to repay a loan in monthly installments over a period of time until it is paid off
It allows the Lender to ask for the money back at any time
Promissory Term Note requiring that the principal and any reamining interest to be paid on a certain date
Allows you to make a loan secured by property and gives the user a choice between three repayment options
Allows to make a loan secured by property
It allows the addition of a Grantor to the Note
This bill of sale package for automobiles includes a vehicle bill of sale and a promissory note for the purchase of the vehicle
This is one of our most popular forms
Release of Promissory Note Release of Promissory Note for use in all states
Demands for Payment Demands and Requests for Payment on Promissory Notes for use in different situation
Make sure you allow enough time to complete the entire process in a single session
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Now Print Your MPN You need certain hardware and software to use an electronic MPN
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Remember, by signing an MPN you are agreeing to pay back any Direct PLUS Loans that you receive to pay for your child's education
If you have not updated your information already, please visit the PIN Site to review the requirements and update your profile
You must have an updated profile to login and complete your eMPN after December 26, 2004
If you are unsure which type(s) to complete please contact your school Financial Aid Administrator
Related terms:cosigner, Bank Note, Bank Note, comaker, cosigner, payee, time note'promissory note' appears in the definitions of these other terms on Business Dictionary
Examples of users include buyers, investors and students
A promissory note sample letter can be associated with real estate and assignment of mortgage
It can be secured, unsecured, convertible and can have aÂ master amortization schedule
It can be used to buy and sell goods when the direct sale is on credit
This printable template document is available for all states including California, Texas, Florida and Louisiana
Disclaimer: The informationÂ in this site is not legal advice
Investor Tips: Promissory Note Fraud Home Previous Page Broken Promises:Promissory Note FraudA promissory note is a form of debt Â– similar to a loan or an IOU Â– that a company may issue to raise money
Typically, an investor agrees to loan money to the company for a set period of time
In exchange, the company promises to pay the investor a fixed return on his or her investment, typically principal plus annual interest
While promissory notes can be legitimate investments, those that are marketed broadly to individual investors often turn out to be scams
The SEC and state securities regulators across the nation have joined forces to combat the fraudulent sale of promissory notes to investors
That's why you should ask tough questions Â– and demand answers Â– before you consider investing in a promissory note
Be sure you understand how they work and what risks they pose
These tips will explain how promissory note fraud can occur and will help you to spot the scams
Anatomy of a Promissory Note FraudFraudsters across the nation have recently begun to use promissory notes as vehicles to defraud investors out of hundreds of millions of dollars
Most promissory note scams follow predictable, fraudulent fact patterns:The fraudsters Â– who may or may not be affiliated with the company Â– persuade independent life insurance agents to sell promissory notes, luring them with lucrative commissions of up to twenty or even thirty percent
These agents often do not have a license to sell securities
And in selling the notes, they frequently rely solely on the information the company gives them Â– which later proves to be false or misleading
Investors purchase the promissory notes, enticed by the promise of a high, fixed-rate return Â– up to fifteen or twenty percent Â– with a very low level of risk
The promissory notes may appear all the more attractive because the seller falsely claims that they're "guaranteed" or insured
And few investors ask tough questions about these investments because they know and trust the sellers, insurance agents with whom they've done business in the past
The fraudsters use a portion of the money they collect from investors to pay the sellers their commissions
But they typically abscond with the rest, squandering it on personal expenses or high-flying life styles
They may also use some of the proceeds to support an elaborate "Ponzi" scheme in which money coming in from the sale of new notes pays the interest on older notes
Some fraudsters try to avoid repaying investors' principal by convincing investors to "roll-over" their promissory notes upon maturity
These investors may, for at least a time, continue to receive interest payments Â– but they rarely get their principal back
Promissory note scams often target the elderly, bilking them of their retirement savings at a time when they can least afford to lose it
Fraudsters rarely discriminate when it comes to separating investors from their money
And most investors don't even realize their investment dollars are at risk until it's far too late
Tips To Avoid Promissory Note Scams Here's how you can avoid the costly mistake of investing in a sham promissory note: Bear in mind that legitimate corporate promissory notes are not usually sold to the general public
Instead, they tend to be sold privately to sophisticated buyers who do their own "due diligence" or research on the company
If someone calls you up or knocks on your door trying to sell you a promissory note, chances are you're dealing with a scam
Find out whether the investment is registered with the SEC or your state securities regulator Â– or whether it's exempt from registration
Most legitimate promissory notes can easily be verified by checking the SEC's EDGAR database or by calling your state securities regulator, which you can find at the website of the North American Securities Administrators Association
If the promissory note is not registered, you'll have to do your own thorough investigation to confirm whether the company has the ability to pay its debt
Be skeptical if the seller tells you that the promissory note is not a security
The types of promissory notes involved in promissory note scams usually are securities and must be registered with either the SEC or your state securities regulator Â– or they must meet an exemption
Make sure the seller is properly licensed
Insurance agents can't sell securities Â– including promissory notes Â– without a securities license
Call your state securities regulator, and ask whether the person or firm is licensed to sell securities in your state and whether they have a record of complaints or fraud

These claims are usually the bait con artists use to lure their victims
Always remember that if it sounds too good to be true, it probably is
Watch out for promissory notes that are supposedly "insured" or "guaranteed," especially if a foreign insurance company is involved
Be sure to call your state insurance commissioner to find out whether the foreign insurance company can legally do business in the United States
Compare the rate of return on the promissory note with current market rates for similar fixed-rate investments, long-term Treasury bonds, or FDIC-insured certificates of deposit
If the seller promises an above-market rate on a short-term note, proceed with caution
What To Do If You Run into Trouble. If you believe you've invested in a promissory note scam, act promptly
A promissory note is not the same as an informal IOU
A personal IOU may acknowledge that a debt exists, but the specific repayment details may not be included
Commercial lending companies often require borrowers to read and sign a very detailed promissory note before a loan can be deposited or processed
The borrower should hold onto this note until the loan becomes due, since it contains important information on interest rates and amount of the principal to be repaid
The production of a properly worded and signed promissory note is usually enough to prevail in any legal proceeding against the borrower, but there are some exceptions
If the borrower can prove he or she signed the document under extreme duress, meaning under undue pressure from the lender, then a judge may rule the note unenforceable
The borrower must sign a completed document, not merely place his or her signature at the bottom of a blank page
A promissory note should not contain conditions which would be considered illegal elsewhere, such as an impossibly high interest rate or additional penalties not spelled out in writing
You will also need to select a lender during this process
Your computer must meet certain minimum hardware and software requirements to use this HESC e-MPN
I acknowledge, by clicking on the following box, that I have read the minimum hardware and software requirements, and that I have the necessary hardware and software to view, print, download, or otherwise access information necessary to complete this e-MPN
If your lender has authorized HESC to conduct credit checks for the school the student will be attending, and the credit check determines that you are eligible for a Federal PLUS loan, you may complete a Federal PLUS electronic Master Promissory Note (PLUS e-MPN)
If HESC does not perform credit checks for your lender on behalf of the school the student will be attending, you will begin the process by completing a Federal PLUS Loan Master Promissory Note
You have the right to apply for your Federal PLUS Loan Master Promissory Note using paper forms
There is no charge for either the paper PLUS MPN or this PLUS e-MPN
If you would like to complete a paper PLUS MPN, click the "Exit" button at the bottom of this page and you will have the option of printing the PLUS MPN Application
In order to complete the Electronic PLUS Loan Process, you will need a driver's license number(if you have one), two references and a HescPIN user id and password issued by Higher Education Services Corporation
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I acknowledge, by clicking on the following box, that I have read the minimal hardware and software requirements, and that I have the necessary hardware and software to view, print, download, or otherwise access information necessary to complete this PLUS e-MPN
You will be able to complete, review, and even print your University of Northern Iowa Perkins Loan promissory note using only your web browser
Before you begin, you should be aware of the following: If you proceed, you are agreeing to complete the promissory note signature process electronically
Your responses to all questions throughout this process will be recorded and made part of your electronically signed document
You have the option to complete this process using the traditional signature process
You must contact the school if you wish to sign your promissory note in ink
At the end of the electronic signature process, you will be assigned an account and a password for future use
You must keep this information confidential as it can be used to electronically sign additional documents
You can return to our web site at any time (using the assigned login information) to review and print the documents you signed electronically
You have the right to request a paper copy of any documents you signed electronically
By completing the electronic signature process, you are certifying that you are the person identified on the promissory note
If you purposely certify to false or misleading information, you may be fined $20,000, sent to prison, or both
Please do not proceed if you are not the person receiving a financial aid award
You will need to have the following to successfully complete the process: You must know the PIN that the Department of Education has issued to you
You may not complete the electronic signature process without your PIN
If you do not have a PIN or have forgotten your PIN, please proceed to the Department of Education's PIN Registration Site before attempting to continue this process
You can try printing the Sample Promissory Note page as a test
If you have read the above information, agree to use an electronic promissory note, and have the necessary hardware/software to complete the process, you may begin the electronic signature process
There are many reasons why a borrower may apply for a Consolidation loan
A borrower may seek a Consolidation loan to merge several types of federal student loans with varying repayment terms into a single loan
Or a borrower may seek a Consolidation loan in an effort to lower monthly payments or extend the repayment period
Effective April 30, 2007, TG has modified its Consolidation loan policy to accept all eligible Consolidation loans for guarantee, regardless of whether they include at least one underlying loan guaranteed by TG, or one Federal Direct loan
A borrower with federal student loans completes the Consolidation Loan Application and Promissory Note to merge some or all of these loans into a single loan, simplifying repayment
The consolidation loan forms include an application the borrower must complete to apply for the loan and a promissory note to secure the debt
The forms also provide the borrower with instructions for completing the forms, important information regarding the borrower's rights and responsibilities, and an overview of the loan process
Two versions of the Consolidation Application and Promissory Note and Instructions are provided below
The first is Standard, which lists the required standard, graduated, income-sensitive, and extended repayment options for borrowers
The second is Lender-specific, which allows a lender to revise section E of the application and instructions to include specific information on repayment plans offered by the lender
A borrower completes the Additional Loan Listing sheet only if he or she needs more room to list loans than is available on the application and promissory note
A borrower completes the Request to Add Loans only if he or she discovers that some federal loans that the borrower wanted included in the Consolidation loan were not included
The Request to Add Loans must be completed by the borrower and received by the lender within 180 days of the consolidation
A borrower's loan holder(s) completes the Loan Verification Certificate to provide the consolidating lender with information needed to pay off the borrower's loan(s) and to certify continued eligibility
A lender may supply the borrower with the optional Repayment Information available from TG or may supply customized information directly related to the lender's services and benefits
This latest version of the Consolidation Application and Promissory Note below was approved in March 2007 and has now been fully implemented
The Addendum to the Consolidation Loan Application and Promissory Note must be used with the Consolidation Loan Application and Promissory Note until new forms are approved by the U
Consolidation loan add-ons and adjustments can be reported to TG Loan Guarantee Operations by either hardcopy or CAM Record Type 18 (add-ons and increase adjustments only)
Consolidation loan adjustments are defined as increases or decreases to the consolidation loan guarantee amount due to an underpayment or overpayment of an underlying loan balance
The following three forms allow lenders and servicers the ability to manually report consolidation loan add-ons, increase adjustments, or decrease adjustments:Consolidation Loan Adjustment â€” Increases (36k)Consolidation Loan Adjustment â€” Decreases (34k)Consolidation Add-on Loans (37k)
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Interest shall accrue on the unpaid and outstanding principal balance of this note commencing on the date hereof and continuing until repayment of this note in full at a rate per annum equal to ___%
Interest only payments shall be made by Maker to Payee on or before the [1st] day of each [month]
The principal shall be due and payable in full on Â Â Â Â Â Â Â Â Â Â Â [DATE]
Maker shall make all payments hereunder to Payee in lawful money of the United States and in immediately available funds
The maturity of this note may be accelerated by Payee in the event Maker is in breach or default of any of the terms, conditions or covenants of any other agreement with Payee or its affiliates
Should default be made in payment of any installment when due hereunder the whole sum of principal and interest shall become immediately due and payable at the option of the holder of this note
In the event any installment provided for herein is not paid on or before two (2) days following its due date, Maker promises to pay to the holder of this promissory note an amount equal to five percent (5%) of the amount of such installment
In addition, Maker promises to pay interest on any such unpaid installment from the date due until such installment is paid in full at a per annum rate equal to the lesser of eighteen percent (18%) or the highest rate permitted by law
Maker waives presentment, demand, notice of demand, protest, notice of protest or notice of nonpayment in connection with the delivery, acceptance, performance, default or enforcement of this note or of any document or instrument evidencing any security for payment of this note
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101 Law Forms for Personal Use eBook contains this form and 105 others
If the borrower isnâ€™t meeting the original payment plan, the lender and borrow may need to rework the terms -- for example, lower payments, agree to interest-only payments, or lower the interest rate
Any changes must be put in writing for the protection of both parties
Use this form to do just that
Important to KnowIf the borrower does not repay you according to the terms of your promissory note, considering using "Demand for Overdue Repayment on Promissory Note
Our downloadable forms are always the most current available -- and they provide the plain-English legal and business information, advice and alerts you need to use them effectively
Everything you need to lend or borrow money, using amortized payments
Everything you need to lend or borrow money, to be repaid with a lower monthly amount and a balloon payment at the end
Use this form when lending money that will be repaid over time without interest
Use this form when lending money that will be repaid at a particular time without interest
A promissory note is a written promise to pay money to someone
Its primary function is to serve as written evidence of the amount of a debt and the terms under which it will be repaid, including the rate of interest (if any)
This helps both the lender and borrower know exactly what the expectations and plans for repayment are
With this promissory note, no interest is charged, and the borrower doesnâ€™t have to make any payments for a period of months or years
On a date specified in the promissory note, the entire amount of the loan is due in one lump-sum payment
Please provide all of the correct information as accurately and up-to-date as possible
Make sure you have all of your documents ready and on hand so when I call we can go over everything quickly
At this stage in the evaluation process -- there is no charge
Once we agree to terms and condition there will be some small administrative charges (i
Promissory note legal definition of Promissory note
A written, signed, unconditional promise to pay a certain amount of money on demand at a specified time
A written promise to pay money that is often used as a means to borrow funds or take out a loan
The individual who promises to pay is the maker, and the person to whom payment is promised is called the payee or holder
If signed by the maker, a promissory note is a negotiable instrument
It contains an unconditional promise to pay a certain sum to the order of a specifically named person or to bearerâ€”that is, to any individual presenting the note
A promissory note can be either payable on demand or at a specific time
Certain types of promissory notes, such as corporate bonds or retail installment loans, can be sold at a discountâ€”an amount below their face value
The notes can be subsequently redeemed on the date of maturity for the entire face amount or prior to the due date for an amount less than the face value
The purchaser of a discounted promissory note often receives interest in addition to the appreciated difference in the price when the note is held to maturity
a written promise by a person (variously called maker, obligor, payor, promisor) to pay a specific amount of money (called "principal") to another (payee, obligee, promisee) usually to include a specified amount of interest on the unpaid principal amount (what he/she owes)
The specified time of payment may be written as: a) whenever there is a demand, b) on a specific date, c) in installments with or without the interest included in each installment, d) installments with a final larger amount (balloon payment)
A promissory note may contain other terms such as the right of the promisee to order payment be made to another person, penalties for late payments, a provision for attorney's fees and costs if there is a legal action to collect, the right to collect payment in full if the note is secured by real property and the property is sold ("due on sale" clause), and whether the note is secured by a mortgage or deed of trust or a financing statement (a filed security agreement for personal collateral)
The promissory note is usually held by the party to whom the money is owed
There are legal limitations to the amount of interest which may be charged
Charging a rate in excess of the legal limit is called "usury," and this excess is legally uncollectible
When the amount due on the note, including interest and penalties (if any) is paid, the note must be cancelled and surrendered to the person(s) who signed it
A promissory note need only be signed and does not require an acknowledgement before a notary public to be valid
A written promise to pay a certain sum of money, at a future time, unconditionally
A promissory note differs from a mere acknowledgment of debt, without any promise to pay, as when the debtor gives his creditor an I 0 U
In its form it usually contains a promise to pay, at a time therein expressed, a sum of money to a certain person therein named, or to his order, for value received
It is dated and signed by the maker
He who makes the promise is called the maker, and he to whom it is made is the payee
Although a promissory note, in its original shape, bears no resemblance to a bill of exchange; yet, when indorsed, it is exactly similar to one; for then it is an order by the indorser of the note upon the maker to pay to the indorsee
The indorser is as it were the drawer; the maker, the acceptor; and the indorsee, the payee
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Ed Franklins Promissory Note Sales

Ed Franklin Promissory Note sale