#six wrote:The last time I looked at were banks PN, it stated that if it were to be transferred to a third party that the issuer would no longer liable to pay its value. That has been completely removed from the new note.
Completely removed? I think you're mistaken...
From:
https://www.werebank.com/safety-catch/promissory-note/
The Issuer understands that if they have fail to repay the note upon MATURITY, then WeRe Bank has the authority, at its absolute discretion, to Forgive the Debt upon receipt of consideration of the sum of Re1 from the undersigned
The Issuer fails to repay the note? Obviously, "Issuer" in this case is meant to be the person who is signing the PN. I'm sure any reasonable Judge would easily understand that. Example Scenario:
- John Dope (typo, strangely appropriate) signs a promissory note to WeRe Bank for 150 pounds.
If Mr. Dope is the "Issuer" then it makes sense he could "fail to repay the note".
But if WeRe Bank is the "Issuer" then it doesn't make sense WeRe Bank could "fail to repay the note".
I'd expect any Judge overseeing any argument about who the "Issuer" is would read the word in the context of what makes sense. And it doesn't make sense that WeRe Bank would have the obligation of paying the Promissory Note that John Dope signed.
whereas under such trade it shall terminate any and every obligation therein on the Issuers side
The termination clause is still there.
Basic definition of "issue"
- the action of supplying or distributing an item for use, sale, or official purposes
From that perspective, anyone who "supply's or distributes an item for use, sale, or official purposes" is an issuer.
Granted, the official financial definition of Issuer is:
- A legal entity that develops, registers and sells securities for the purpose of financing its operations. Issuers may be domestic or foreign governments, corporations or investment trusts.
But.... is WeRe really a legal entity? Sure... it claims to be a "bank" but is it a properly registered business of any type? And I'm pretty sure it's neither a domestic or foreign government.
Just found this when googling on "issuer of promissory note":
- A promissory note is a legal instrument (more particularly, a financial instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms.
Granted, it's from wikipedia and I really prefer quoting someone of more authority but I think it helps make the point that a reasonable Judge will understand "Issuer" in this context is the person signing the PN.