In Reference to a Promissory Note,the Person Who Is to Receive

question 42

Multiple Choice

In reference to a promissory note,the person who is to receive payment is called the

• A)maker.
• B)payee.
• C)seller.
• D)payor.

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Definitions:

Trustee

A legal entity or person appointed to manage and administer property or assets for the benefit of a third party.

Testamentary Trust

A trust that is created according to the instructions in a will, coming into effect upon the death of the person who created the will.

Administrator of the Estate

An individual appointed by a court to manage and distribute the assets of a deceased person's estate when there is no will.

Revocation

The official cancellation or withdrawal of a decree, decision, or promise.