Thailand Law Library

by Thailand Lawyer

A promissory note is a written instrument by which a person, called the maker, promises to pay a sum of money to, or to the order of, another person, called the payee.

1. The designation of it as a promissory note.
2. An unconditional promise to pay a sum certain in money.
3. A day of maturity.
4. The place of payment.
5. The name or trade name of the payee.
6. The date and place where the promissory note is made.
7. The signature of the maker.

An instrument in which any of the requirements specified in the foregoing section is wanting, is invalid as a promissory note, except in the following cases:

• A promissory note in which no time of payment is specified is deemed to be payable at sight.
• If the place where payment is to be effected is not stated in a promissory note, the domicile of the maker shall be considered to be the place of payment.
• A promissory note which does not specify its place of issue is deemed to have been made at the domicile of the maker.
• If there is no date of issue, any lawful holder acting in good faith may insert the true date.

The following provisions of Chapter II relating to Bills of Exchange apply to Promissory Notes in so far as they are not inconsistent with the nature of this instrument, namely, Sections 911, 913, 916, 917, 919, 920, 922 to 926, 938 to 947, 949, 950, 954 to 959, 967 to 971.

In case of foreign promissory notes the following provisions shall also apply, namely, Sections 960 to 964, 973, 974.

The maker of a promissory note is bound in the same manner as an acceptor of a bill of exchange.

Promissory notes payable at a certain time after sight must be presented for the visa of the maker within the limits of time fixed by Section 928.

The limit of time runs from the date of the visa, signed by the maker of the note. The refusal of the maker to give his visa with the date thereon, must be authenticated by a protest the date of which gives the point of departure for the limit of time from sight.