Promissory note for the resped
The meaning of the expression or acronym is ” the submitter of this letter”. And section 7 (c) of the Banknotes Ordinance explains it to be a note to be redeemed and delivered.
It follows from the above that any person, not necessarily the landlord, can exercise the promissory note. This is similar to giving an ‘open check’ or an unlimited check to ‘beneficiary only’.
Thus, if we assume the landlord will sell the apartment, he will be able to hand over the promissory note to the new owner of the apartment and he, the new owner, will be able to exercise the promissory note, in case the tenant violates the provisions of the tenancy agreement.