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Yes, a promissory note signed only by the borrower is legally binding in Singapore under the Bills of Exchange Act and Civil Law Act. The borrower's signature creates a unilateral obligation to repay the debt according to the specified terms. As long as the document contains essential elements like the debt amount, repayment terms, and borrower's acknowledgment, it serves as valid evidence of the debt obligation.

Yes, you can still enforce a promissory note even if the original is lost, but it becomes more challenging. Singapore courts may accept certified copies or other evidence of the debt, but you'll need to prove the document's authenticity and terms. It's crucial to keep secure copies and consider having witnesses or notarization for important transactions to strengthen enforceability.

Promissory notes in Singapore don't require registration, but they may need stamp duty under the Stamp Duties Act depending on the amount and nature of the transaction. For amounts above certain thresholds, proper stamping within 14 days is mandatory to avoid penalties. The document remains legally binding even without stamping, but unstamped notes cannot be used as evidence in court proceedings.

A promissory note is a formal negotiable instrument under Singapore's Bills of Exchange Act with specific legal requirements, while an IOU is simply an acknowledgment of debt. Promissory notes must contain an unconditional promise to pay and can be transferred to third parties, whereas IOUs typically just acknowledge that money is owed. Promissory notes offer stronger legal protection and clearer enforcement mechanisms in Singapore courts.

A basic promissory note can be created within 30 minutes to a few hours using a proper template. However, allow additional time for review, stamping if required, and ensuring compliance with Singapore's legal requirements. For complex arrangements or significant amounts, factor in time for legal review and potential modifications to meet specific needs under Singapore law.

Yes, promissory notes can violate the Moneylenders Act if they involve unlicensed moneylending activities or exceed prescribed interest rate limits. Singapore law prohibits interest rates above 4% per month for licensed moneylenders and has stricter rules for unlicensed lenders. Business loans between companies and genuine personal loans between friends/family are generally exempt from these restrictions.

While not legally required, adding a guarantor significantly strengthens your position by providing an additional party liable for the debt. In Singapore, guarantees must be in writing under the Civil Law Act, and the guarantor should sign the document acknowledging their liability. This provides an alternative recovery option if the primary borrower defaults on their payment obligations.