Writing a Promissory Note for a Loan
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Question
What is the minimal sum that necessitates to write a promissory note for a loan, and is there such a thing at all? And what about a person you trust? Is there a difference? And also, is a bank transfer considered as a promissory note? Thank you very much.
Answer
Hello,
a. For any sum that will not be forgiven if not returned, a promissory note must be written.
b. For a loan to any person, a promissory note should be written.
c. If a bank transfer states that it is given as a loan, the bank's record is considered as a promissory note.
Source
Shulchan Aruch, Choshen Mishpat, Siman 70, Se'if 1