H>A few days ago I said I'd look up the legal requirements on promissory H>notes. There are two separate issues in your post -- a promissory note and a negotiable instrument. A promissory note is simply a promise to pay someone else something of value. In order to be valid, the note has to contain enough information so that a court (or arbitrator) can determine that the maker of the note intended to create a debt, that we can determine the amount, and that we can determine to whom it is owed and when it is due. A negotiable instrument is a debt instrument that can be sold (negotiated) and if sold to a "holder in due course" (someone who buys the note for value and without knowledge of any disputes) can be collected on its face terms and without reference to any counter claims between the original maker and the original creditor. This aspect of negotiable instrument law has caused some libertarians to oppose the concept of negotiability. The Black Letter phrase from my Commercial Paper class in law school: ---------- Negotiable Instrument: A promise to pay to order or bearer a sum certain in money on or after a date certain. ---------- Note that bearer notes were always specifically included in the definition. H>This was to see whether digital cash or similar instruments could H>implement digital promissory notes. Yes, they could. DCF --- WinQwk 2.0b#1165