It can be the beneficiary or someone else. Usually, the party to whom the money is owed has a promissory note; once the debt has been fully settled, the payee must cancel it and return it to the issuer. As the name suggests, a promissory note is basically a promise, in writing, to pay another person a sum of money. The person who makes the promise is called the payer, while the person who is going to receive the payment is known as the payee.
The promise to pay is an unconditional promise; this means that your obligation to pay is not subject to any conditions, such as requiring that a specific event occur first or that a particular action must first be taken. An unconditional promise to pay a certain amount of money to a designated party or the holder of the promissory note, or to deposit that money as directed by such persons. The promissory note must be in writing and signed by the pledge author. The person who promises to pay is the creator, and the person to whom the payment is promised is called the payee or holder.
If signed by the manufacturer, a promissory note is a negotiable instrument. It contains an unconditional promise to pay a certain sum to the order of a specifically designated person or to the bearer, that is, to any person who submits the note. A promissory note can be paid on demand or at a specific time.