Promise (Banking) Law and Legal Definition
Promise is an obligation given by one party to another, to carry out or refrain from carrying a specified act or acts. The person making the promise is the promisor, and promisee is the person to whom the promise is made.
Pursuant to U.C.C. § 3-103, promise means a written undertaking to pay money signed by the person undertaking to pay. Unless the obligor undertakes to pay the obligation, an acknowledgment of an obligation by the obligor is not a promise.
Legal Definition list
Related Legal Terms
- Abstraction [Banking]
- Accommodation Maker(Banking)
- Account [Banks & Banking]
- Acting in Concert [Banks & Banking]
- Affiliate [Banks & Banking]
- Alternative Mortgage Transaction [Banks & Banking]
- Alternative Promise
- Application for a Deposit Facility [Banks & Banking]
- Appropriate Federal Banking Agency
- Appropriate Federal Financial Supervisory Agency [Banks & Banking]