A promissory note can be used as a substitute for money and can be transferred between individuals and entities. If the state requirements have not been violated, a promissory note can be exchanged and transferred between different parties, effectively serving as a substitute for money. Each state has regulations on transferable promissory notes, so it is best to consult the relevant local laws to include the acceptable language in the original draft. The note may be made “payable to order” or “payable to the bearer”