Promisory Note

[gentleman]

Is a Promissory Note for a substantial sum of money gifted to another person simply written in plain and simple English legal and binding in the Court of Law? The gifting of the money is also registered on a Property for sale and money to be paid within a time frame if either the Property is sold or remains unsold when the date for the gifting is to be made. The payment is neither a repayment of a loan not is it an ex-gratia payment. More precisely and simply a gift.. I do understand the person gifting is liable to IHT on his estate within 7 years of the person's death. Is any witness required to sign the Document if prepared by a Solicitor?

[Ethel]

Is the promissory note a different, unrelated matter to the gift?

A promissory note is commonly for debt - setting out the terms for repayment. This is enforceable in law if the debt is not repaid in accordance to the terms.

A gift is just that and is not repaid.

[gentleman]

Thank you Ethel for reponding to my Question. Are you saying a gift on a Promissory note is not enforceable for the person to make the payment to another even if it is registered against the Property?

I think the answers I am looking for legally and binding are:
a) Is the Promissory Note legal in the court of law for the payment on the 'date to pay' the gift if the property is not sold?
b) Is there a requirement for Witness(es) details including signature(s) to legalise the Promissory Note?

c) If there be no tangible cash available is the Property made a 'Sale by Enforcement' to pay the gift registered against the Property as a gift?

d) In this case to c) there appears to be a double indemnity
on the person's liability to pay the gift and is this 'double indemnity' unquestionable in the court? Or could there be a case of 'unacceptable to present two different documents prepared for the same purpose and opposed by the law court '?

[bednobs]

hi, i dnt have any answers for you, but i think what ethel is trying to say is this: a gift is a gift is a gift. If something is a gift, there is n obligation on anyone to pay it back ever if a person has an intention to make a gift of some money, dependent on the sale of an asset, they are surely free to change their monds up until the gift is actually given? Therefore you cant hold them to it in law ?

[gentleman]

Thanks bednobs. I had thought a Promissory Note is a legal document and see unless a debt is implied to payment of money loaned as stated is a stronger case to be upheld in court.