Promissory note
lastmod 2025-10-15created 2025-08-192 edits
A promissory note (chayongjeung) is a type of document that both parties write when money or goods are borrowed. It is mainly written to leave legal evidence of a creditor-debtor relationship; if no promissory note or contract is written, the creditor must separately prove in later litigation that the debtor borrowed the money or goods. Problems of proof arise especially when there is only a record of bank transfers and no other evidence that the money was lent. If the other party claims during litigation that it was a gift (simply given), the creditor must rebut this to rule out any unfavorable ruling, and a lawsuit that could have ended simply had a promissory note been written may take a great deal of effort over a long period.
How to write a promissory note
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