Promissory Note in UK Law

Leading Cases
  • Fielding & Platt Ltd v Najjar
    • Court of Appeal (Civil Division)
    • 17 Enero 1969

    We have repeatedly said in this Court that a bill of exchange or a promissory note is to be treated as cash. It is to be honoured unless there is some good reason to the contrary. It is suggested that, on the first note, there was a failure of consideration. That suggestion is quite unfounded. At any rate, there is no evidence to the contrary; and, unless they were themselves in default, they were clearly entitled to payment of the first note.

  • Sheikh Tahnoon Bin Saeed Bin Shakhboot Al Nehayan v Ioannis Kent (Aka John Kent)
    • Queen's Bench Division (Commercial Court)
    • 22 Febrero 2018

    In closing submissions Mr Rees QC on behalf of Sheikh Tahnoon argued that Mr Kent cannot on any view rescind the promissory note alone. Mr Rees cited Molestina v Ponton [2001] CLC 1412 for the proposition that a contract which forms an inseparable part of a larger transaction cannot be separately rescinded. In the face of this authority, Mr Kent abandoned his claim to rescind the promissory note.

  • Banque Financiere de la Cite v Parc (Battersea) Ltd and Others
    • House of Lords
    • 26 Febrero 1998

    This does not of course mean that questions of intention may not be highly relevant to the question of whether or not enrichment has been unjust.

    This, I interpose, is the real reason why there is no "conceptual problem" about treating BFC as subrogated to part of the RTB secured debt. The equitable remedy is available only against OOL, which is the only party which would be unjustly enriched. The equitable remedy is available only against OOL, which is the only party which would be unjustly enriched.

  • Owen (Edward) Engineering Ltd v Barclays Bank International Ltd
    • Court of Appeal (Civil Division)
    • 20 Julio 1977

    A bank which gives a performance guarantee must honour that guarantee according to its terms. It is not concerned in the least with the relations between the supplier and the customer; nor with the question whether the supplier has performed his contracts obligation or not; nor with the questionwhether the supplier is in default or not. The bank must pay according to its guarantee, on demand, if so stipulated, without proof or conditions.

  • Bristol and West Building Society v Mothew
    • Court of Appeal (Civil Division)
    • 24 Julio 1996

    A fiduciary is someone who has undertaken to act for or on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. The distinguishing obligation of a fiduciary is the obligation of loyalty.

  • TTI Team Telecom International Ltd v Hutchison 3G UK Ltd
    • Queen's Bench Division (Technology and Construction Court)
    • 23 Enero 2003

    The court will not grant an injunction in either case unless there has been a lack of good faith. The justification for this lies in the commercial purpose of the bond. Such a bond is, effectively, as valuable as a promissory note and is intended to effect the 'tempo' of parties' obligations, in the sense that when an allegation of breach of contract is made (in good faith), the beneficiary can call the bond and receive its value pending resolution of the contractual disputes.

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Legislation
  • Bills of Exchange Act 1882
    • UK Non-devolved
    • 1 de Enero de 1882
    ...... to codify the law relating to Bills of Exchange, Cheques, and Promissory Notes. . [18th August 1882] . . B . E it enacted by the Queen's most .... ‘Bearer’ means the person in possession of a bill or note which is payable to bearer. . ‘Bill’ means bill of exchange, and ......
  • Forgery Act 1861
    • UK Non-devolved
    • 1 de Enero de 1861
    ....... As to forging Bank Notes:— S-12 . Forging a Bank Note, &c. 12 Forging a Bank Note, &c. . 12. Whosoever shall forge or alter, ... shall prevent any Person from issuing any Bill of Exchange or Promissory Note having the Amount thereof expressed in Guineas, or in a numerical ......
  • Finance Act 1899
    • UK Non-devolved
    • 1 de Enero de 1899
    ....... (1) Where an instrument other than a bill of exchange or. promissory note is charged with an ad valorem duty in respect of. any money in any ......
  • Bank Holidays Act 1871
    • UK Non-devolved
    • 1 de Enero de 1871
    ...... and Scotland respectively, and all bills of exchange and promissory notes which are due and payable on any such bank holiday shall be payable, ... protest shall be as valid as if made on the day on which the bill or note was made due and payable; and for all the purposes of this Act the day ......
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Books & Journal Articles
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Law Firm Commentaries
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Forms
  • Chapter IHTM19120
    • HMRC Inheritance Tax Manual
    • HM Revenue & Customs
    .... . . Bills of exchange, promissory notes and IOUs are only rarely seen as debts to an estate - although you ...If the holder of a bill of exchange or of a promissory note either unconditionally renounces their rights in writing, or delivers the ......
  • Chapter IHTM10106
    • HMRC Inheritance Tax Manual
    • HM Revenue & Customs
    ...... money for which the deceased held a promissory note. money for which the deceased held an ‘IOU’. money owing to ......
  • Chapter IHTM19040
    • HMRC Inheritance Tax Manual
    • HM Revenue & Customs
    ...... money for which the deceased held a promissory note. money for which the deceased held an ‘IOU’. money owing to ......
  • Chapter CFM11200
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ......-term investments include certificates of deposit (a type of promissory note issued by banks), and commercial paper issued by other companies. ......
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