Promissory note type guarantee

“a) A promissory note is an unconditional promise made by a person to his friend, signed by the person making the note, in which he undertakes to repay a certain person, or the tenderer, with demand, or at a fixed or determinable future, a certain amount of money. ”

In other words, a promissory note is a short document with a monetary amount that the holder can exercise if the conditions stated in the promissory note are met. It is possible in a sense to compare the promissory note to a bank guarantee in terms of its presentation.
On the other hand, it can be seen as a kind of indemnity letter in terms of its content and essence.

But while a bank guarantee is signed by a bank that allows you to repay it and receive the amount of money in the bank guarantee, this is different in a promissory note. Here the path of the banknote holder is long, and sometimes very long until he can actually get the money.

The prominent advantage of a promissory note, on the part of the landlord, lies in the ease with which the tenants, as well as the guarantors, can be signed jointly and severally on the same promissory note. Thus, the holder of the note can act against all those who signed the promissory note, jointly and separately.

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