Promissory notes are a form of currency. In fact the value of the promissory note has not changed despite the payments which have been made on it. It is worth what it says it is worth on it's face (which is why you should pay your promissory notes off in one lump sum). If push comes to shove though, the guy still will get credit for it, but technically the note is worth what it says it is.
I'm uncertain of limitations issues and promissory notes though.
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"OOOOOOHHHHHHH those Russians" - Boney M
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