A businessman who lost his High Court challenge against the legality of promissory notes has been awarded part of his costs for the four-day hearing.

David Hall was awarded two days' costs, while the State was awarded one day's costs. No order was made for the second day.

Mr Justice Nicholas Kearns said that while the issue was of public importance, Mr Hall could not be awarded all his costs because he did not have the legal standing to bring the case.

However, he criticised the State for not making the issue of legal standing more prominent and he said it could have been decided early on.

Mr Justice Kearns said that he did not doubt Mr Hall's genuine intentions and he was aware of the valuable work he had done for mortgage holders.

John Rogers, Senior Counsel for Mr Hall, had argued that the case was unique.

A stay has been put on the costs order.