Thus, promissory notes can work as a form of private money. In the past, particularly during the 19th century, their widespread and unregulated use was a source of great risk for banks and private financiers, who would often face the insolvency of both debtors, or simply be scammed by both.

History

Code of Hammurabi Law 100 stipulated repayment of a loan by a debtor to a creditor

1.Previous
3.Next