Chapter III
PROMISSORY NOTES
Article 53. Contents of promissory notes
1. A promissory note must include the following contents:
(a) The words "Promissory Note" written on the front of the promissory note;
(b) An undertaking to make unconditional payment of a fixed sum of money;
(c) The period for payment;
(d) The place for payment;
(dd) The name of the beneficiary being an organization or the full name in the case of the beneficiary being an individual designated by the issuer or in whose favour [the issuer] has made the request for payment of the promissory note to the order of the beneficiary or the request for payment of the promissory note to the bearer2 .
(e) The place and date of signing and issuance;
(g) The name of the issuer being an organization or the full name in the case of the issuer being an individual, and the address and signature of the issuer.
2. A promissory note which omits any one of the contents stipulated in clause 1 of this article shall be invalid, except for the following cases:
(a) Where the place for payment is not recorded on the promissory note, the place for payment shall be the address of the issuer;
(b) Where the place of signing and issue is not recorded on the promissory note, the place of signing and issuance shall be the address of the issuer.
3. When the amount of money written in figures on a promissory note is different from the amount of money written in words, the amount of money written in words shall be valid for payment. Where the amount of money in a promissory note is written twice or more in words or in figures and they are different, the smallest amount of money written in words shall be valid for payment.
4. Where a promissory note does not have sufficient space for writing, it may have an additional sheet attached. The sheet shall be used for recording details of a guarantee, endorsement, pledge or collection. The person who is the first to prepare an additional sheet must attach it to the promissory note and sign across the edges of the additional sheet and the promissory note.
Article 54. Obligations of issuers
The issuer of a promissory note shall be obliged to pay the sum stated in the promissory note upon maturity to the beneficiary and shall have other obligations as an acceptor of a bill of exchange in accordance with this Law.
Article 55. Obligations of first endorsers of promissory notes
The first endorser of a promissory note shall have the obligations as the drawer of a bill of exchange specified in article 17 of this Law.
Article 56. Payment in full of promissory notes
A promissory note shall be deemed to have been paid out in full in the following circumstances:
1. When the issuer becomes the beneficiary of the promissory note upon the date of maturity or after that date.
2. The issuer has paid the beneficiary the full sum stated in the promissory note.
3. The beneficiary cancels the promissory note.
Article 57. Guarantee, endorsement, pledge, collection, payment and recourse of promissory notes
The provisions of articles 24 to 52 of this Law on guarantee, endorsement, pledge, collection, payment and recourse of bills of exchange shall also apply in a similar way to promissory notes.
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Luật Các công cụ chuyển nhượng 2005 (Bản Word)
