Demand Notice Format for Promissory Note Overdue Payment A promissory note is one of several forms of negotiable documents used in monetary or payment transactions. A promissory note is a legal instrument that is written on a sheet of paper. It is a contract between a lender and a borrower, which allows the lender to receive money or other valuable goods (i.e., collateral) from the borrower in return for a loan. The note itself is the evidence of this contract. It is usually made up of three parts: the amount of credit being extended, any interest rate agreed upon by the parties, and a statement of consideration (or exchange). The consideration part includes information about whether or not there are any payments due before the date the note is signed. If no payments are due until later, the note will state so. Otherwise, the note would be paid off before its due date. If you are assigned the note, you should send the original lender a demand letter/notice as required by the terms of the note. The notice must include the following: 1. Your name and address, including your business address if applicable. If you are a corporation, your president's name and address should be listed instead. 2. A copy of the assignment, if applicable. An assignment is a transfer of rights under a contract.