II.   Instruments & Transactions

A Note is a formal Instrument issued under the Corporate Securities standards of instruments and writing first formed under the Westminster laws of Great Britain from the 17th Century being a form of Original Abstract or Original Certificate of Abstract of a Memorandum or Deed.

While a Note may represent an informal minute or letter, in a formal legal sense the origin of a Note in Law begins with the Statute of Frauds in 1676 (29Car.II. c.3). Under the Act a Note as a valid and authorized abstract of a Deed or Memorandum could be used, greatly reducing the amount of paper or parchment or vellum and saving time.

In terms of legal origin, the term Note is directly derived from the Latin legal term Nota which represented physically putting a brand or mark upon the body of a person as a sign of disgrace and stigma. Hence, the term “black mark” in reference to the Nota of a Censor against a criminal.

As a valid Note is by definition a valid Abstract, the following essential elements must be present on the face of a valid Note:

(i) Name being the name of the Trust, or Estate or Fund issuing the Note and the name of any department, court or division of the body that specifically is issuing the Note; and

(ii) Title being the word “Note” as a prominent word in the heading, or if a special type of Note the full name of such type; and

(iii) Record Number being the Record Number of the Deed or Memorandum to which the Note relates clearly identified as the Record Number or if special to a particular type of Record, then the appropriate name (e.g. File Number); and

(iv) Money in Words being if the Note is associated with money, then the amount of money in words, even if the amount of money is also displayed in numbers; and

(v) Bordered Information being that any information “extracted” from the Record is presented within a bordered box to indicate a “window” to the original and valid Record; and

(vi) Two Witnesses being a witnessed sworn or affirmed signed certification that the Note and the information contained within it is valid; and

(vii) Official Seal being the official seal of the Trust, or Estate or Fund.

The most common types of Notes still used in Law are Bought, Sold, Promissory, Judgment and Bank:

(i) Bought Note is a valid Abstract in writing, given by a broker to the seller of merchandise, in which it is stated that the goods therein mentioned have been sold for him; and

(ii) Sold Note is a valid Abstract in writing, given by a broker to a buyer of merchandise, in which it is stated that the goods therein mentioned have been sold to him; and

(iii) Promissory Note is a valid Abstract in writing, given by a maker, obligor, payor, promisor to pay a specific amount of money to the payee, obligee, promisee, in which it is stated the terms by which the principal and any interest shall be due upon the unpaid principal amount; and

(iv) Judgment Note is a valid Promissory Note given by an attorney, holder, or clerk of court to justice of the peace to appear for the maker of the original note and confess, or assent to, a judgment to be entered against the maker due to default in the payment of the amount owed; and

(v) Bank Note is a valid Promissory Note given by a Bank as an alternative to valid Public Money where such a Bank holds a license to do so and where such Private Money may be legally used as “Legal Tender” for the discharge of public or private debts.