Ranjith 08 January 2018
R.Ramachandran (Advocate) 08 January 2018
It will depend upon the contents of the Promissory Note.
Vijay Raj Mahajan (Advocate) 08 January 2018
The date of payment of the amount must be there on the promisory note, otherwise 3 years limit for recovery of money due as per the promisory note.
Advocate Bhartesh goyal (advocate) 08 January 2018
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 08 January 2018
A valid promissory note must list the terms and conditions of the loan. In addition to the loan amount, it must state the interest rate, payment amount, payment frequency and the maturity date of the loan. If the note does not contain the terms of repayment, the lender can’t enforce non-payment.
G.L.N. Prasad (Retired employee.) 08 January 2018
The limitation period can extends for further threee years from the date of Ack of loan by the borrower. In your case if the PN is dated Jan, 2017 the validity period is upto Jan,2020. However, if the borrower acknowledges the debt by signing on promissory note on such a letter admitting his liability on Dec,2019, the limitation period extends upto Dec,2022. Lenders generally obtain Ack in advance as precaution. It also depends on period and terms of payment on demand etc.
Kumar Doab (FIN) 08 January 2018
You can benefit from the advices given to you.
SHIRISH PAWAR, 7738990900 (Advocate) 09 January 2018
Promissoty note has fixed time period of payment. So you can demand money within 3 years from the date of default of payment.
Kumar Doab (FIN) 09 January 2018
Generically speaking; as per your 1st post the limitation is not staring at you.
R Maheshwari 26 December 2019
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