धारा 3

As per Section 3 of the Negotiable Instruments Act, 1881, 'A promissory note is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking, signed by the person to whom the money is payable, to pay on demand or at a fixed or determinable future time a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.' The section further explains that 'Where the only person to whom the money is payable is the maker himself, the instrument is not a promissory note.' The maker of the note is the person who signs the instrument and promises to pay the amount. The payee is the person to whom the money is payable.