Promissory note (gældsbrev)
Also known as acknowledgement of debt, debt acknowledgement, skylderklæring, gældserkendelse
A promissory note is a written, unilateral acknowledgement of a debt — and it can be an enforceable instrument if it is worded correctly.
Key facts
- Can be
- An enforceable instrument
- Time-barred after
- 10 years
In practice
The promissory note does two things at once, and both are valuable: it interrupts the limitation period (and starts a fresh ten-year period), and it can be an enforceable instrument if it contains an express provision that it may serve as the basis for enforcement.
It is the same mechanism as the voluntary settlement. Get a debtor to sign, and you have turned a claim that was about to become time-barred into a claim that can be enforced for ten years.
Where it commonly goes wrong
- The clause is missing. Without it, the promissory note is merely evidence — you still have to go to court.
- The note is not signed by the party meant to be liable. A director signing for the company does not bind the director.
- You settle for an email in which the customer acknowledges the debt. The acknowledgment interrupts limitation, but it does not get you into the enforcement court.