Document background
The Joint and Several Promissory Note is commonly used in Nigerian business transactions where multiple parties share responsibility for a debt obligation. This document is particularly useful in situations involving business partnerships, group borrowing, or when additional security is required through multiple responsible parties. The note must comply with Nigerian legal requirements, particularly the Bills of Exchange Act and Stamp Duties Act, and creates a powerful debt instrument where each promisor bears full responsibility for the entire debt amount. This arrangement provides strong security for the payee, as they can pursue recovery from any or all promisors. The document typically includes detailed payment terms, interest provisions, default consequences, and must be properly executed and stamped to be enforceable in Nigerian courts.
