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Loan agreement- who keeps the original? (Corporate Law)

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This query is : Resolved

Author : akash

Posted On 04 February 2013 at 14:34

Hello Experts,

A loan agreement needs to be registered between a private limited company (borrower) and one of its shareholders (lender). Both the borrower and lender want to keep the original agreement since they want something which is legally enforceable through court.

What should be done? Can a notarized copy be enforced in the court? I think the lender normally keeps the original, whereas the borrower gets a copy. What could be done so both the parties have a legally enforceable document (valid in court)?

Thank You in advance


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Expert : PS Dhingra,

Posted On 04 February 2013 at 15:12

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Original would remain with the lender only. The borrower can get a certified copy attested by the notary.

Expert : Advocate Ramesh

Posted On 04 February 2013 at 18:15

Even in the original agreement itself you should mention like original is with lender and the attested is with the borrower like that, then it can valid in court, if the borrower produced attested in court

Expert : Hazarae M Raj

Posted On 05 February 2013 at 10:27

can't we execute the agreement in duplicate with a mention in the body of the agreement that the agreement has been executed in duplicate and a copy is retained by both the parties? - (inviting comments from experts regarding the same..)

Expert : PS Dhingra,

Posted On 05 February 2013 at 10:35

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No, the agreement is in single document, while the other can be a true copy.

Expert : ajay sethi

Posted On 05 February 2013 at 12:19

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agree with dhingraji

Expert : raj kumar makkad

Posted On 08 February 2013 at 00:35

This signally drafted document shall remain with lender with specific mention therein.

Expert : Sudhir Kumar

Posted On 09 February 2013 at 13:22

It is the lender who will be aggrieved in case of default so original will be with him only



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