92. Promissory note defined

A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer.

An instrument in the form of a note payable to maker’s order is not a note within the meaning of this section unless it is indorsed by the maker.

A note is not invalid by reason only that it contains also a pledge of collateral security with authority to sell or dispose thereof.

A note which is, or on the face of it purports to be, both made and payable within Singapore is an inland note. Any other note is a foreign note.