Electronic Promissory Note is a digital version of a traditional promissory note, containing a legally binding promise to pay a specified amount. Maintaining the negotiability and transferability of the paper promissory note, electronic promissory note consists of:
- Borrower’s promise: a commitment to repay the loan.
- Loan terms: amount, interest rate, and repayment schedule.
- Digital signature: an electronic signature that makes it legally binding.
- Tamper-proof storage: stored securely in an eVault to prevent unauthorised changes.
Enigio’s solution trace:original makes it possible to create digital/electronic promissory notes in accordance with MLETR and contract law though the ePU standard from ITFA’s DNI Initiative.
Learn why electronic promissory notes created with trace:original is the simplest way to record debt here.