Prathmesh Mahesh Shete (student) 04 October 2013

Who can write the promisory note ...?

I am a student . 1 year ago I give cash to my friend . when i given the cash to friend he promise me " I return the cash to you on tommarow " . but still today he not returned my cash . on this topic i ask frequently .but he not respond me .

after 3 months i given the promisory note from him . .

but my other friends give me the legal advise that " when you have lisence of.........(given cash to orher )... then you give the promisory note , when you have not lisened person , your promisory note is unlegal "

This legal advise id right or wrong ....? Give me the advise for which way i can use for recive my cash legaly ...? Can i use this promisory note as proof of i given the cash to my friend .?

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Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 04 October 2013

A contract agreement between two people is a promissory note. There are certain specifics to this type of contract such as the terms. The terms will be listed including the amount of the loan, the interest rate, maturity date and the total amount to be paid. The total amount to be paid will include the principal amount of the loan plus the finance charges or interest charges due. Also outlined within the promissory note is the person who is lending and the person who is borrowing.

T. Kalaiselvan, Advocate (Advocate) 06 October 2013

A promissory note with appropriate legal contents is valid for 3 years from the date of its execution and a money suit also can be filed based on this legal document for recovery of money with interest thereon.