Promisory note
Querist :
Anonymous
(Querist) 22 January 2012
This query is : Resolved
Hi Experts,
I need help from you.
1) if we lend money to any one and take their signature on promisory note is that enough to file case against them if they dont repay us back.i dont have any cheques from the other party. i have just promisory note signed.
what if , if the other party dont agree that its their signature. how should we proceed
is promisory note breach case will be given equal importance like cheque bounce case. does it require for the opposite party to show/submit local sureity ?
please help me with complete information on this. please.
ajay sethi
(Expert) 22 January 2012
how is money adavnced? is it by cheque ?
if borrower has signed on promissory note and acknowledged his liabilty to make payment on certian date or on demand in the event of default in repaying loan lender can file summary suit for recovery of loan amount .
if borrower denies his signatire on document court may grant him unconditional leave to defend in the summary suit as triable issues areise .
ajay sethi
(Expert) 22 January 2012
It must be in writing :
A promissory note must always take the form of a written document
The promise to pay must be express :
The essential of a promissory note is and express promise to pay. A mere acknowledgment of debt without express promise to pay is not a promissory note
The promise to pay must be unconditional :
A promissory note must contain an unconditional promise to pay
It must be signed by the maker :
The signature of the maker on the face of the note is the most essential feature. In the absence of the signature of the maker, an instrument cannot be called a promissory note
Promise must be to pay a certain sum :
The amount promised to be paid by the promissory note must be certain and definite.
Querist :
Anonymous
(Querist) 22 January 2012
Dear will it be treated on par with cheque bounce case or it has low priority .
ajay sethi
(Expert) 22 January 2012
prmissory note , bills of exchanges , cheques are negotibale instruments and summary suit is maintanable on account of failure to pay . all have equal priority
Raj Kumar Makkad
(Expert) 23 January 2012
Cheque case means a criminal case but in promissory note, the case is civil for recovery whereon you shall also have to pay court fee as per relevant rates of State upon the amount mentioned in the Promissory note and calculated interest thereon.
Witnesses mentioned in the promissory note are important to depose their evidence in the court.
If the defendant denies his signature then you shall have to get those signatures verified from signature expert.
V R SHROFF
(Expert) 23 January 2012
Shri Raj explained everything in Detail,
No need to add. Hand writing & Signature Experts will clarify Sign dispute,
NI is criminal, Pro note s Summary suit, a Civil Matter.
It is fast
Deepak Nair
(Expert) 23 January 2012
You can file a suit for recovery against the other party on the basis of the promissory note. You cannot initiate the criminal action as provided under Sec138 of negootiable instruments Act.
Prabodh Shukla
(Expert) 23 January 2012
i have the different solution if law doesn't helps you then stop searching remedy start searching your rights ..... this a case of fraud ..... think hatke you will get the solution
Regards
Adv. Prabodh Shukla
9540274333
Querist :
Anonymous
(Querist) 23 January 2012
whats the solution sir, please tell me that and help me. please.
prabhakar singh
(Expert) 23 January 2012
NO case under section 138 NI Act would lie on default of payment promised by a promissory note.
Only summary civil suit could be filed.
On denial of document,the suit would be tried as any suit and plaintiff shall have to proof the signature of debtor defendant by adducing oral evidence of witnesses thereon and by expert opinion.
Shailesh Kr. Shah
(Expert) 23 January 2012
Question :what if , if the other party dont agree that its their signature. how should we proceed
Answer:Get signature verify for expert and file summary civil suit.
Question: is promisory note breach case will be given equal importance like cheque bounce case.
Answer:No
Shonee Kapoor
(Expert) 02 February 2012
Nothing left to add.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
