promissory note

Querist : Anonymous (Querist) 14 October 2010 This query is : Resolved
Dear Sir/Madam

My name is J. Srinivas as i am practicing as an advocate (junior)in hyderabad. Sir, i had one query regarding the promissory note. What is the validity period of promissory note and how much amount it is valid.

With Warm Regards

J. Srinivas MSC LLB

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Chetan Pichamuthu (Expert) 14 October 2010
3 years limitation and the amount has no ceilng....

adv. rajeev ( rajoo ) (Expert) 14 October 2010
3 years from the date of execution of it

s.subramanian (Expert) 14 October 2010
Limitation period is three years. Maximum amount is not there. Sky is the limit.

Advocate. Arunagiri (Expert) 14 October 2010
I agree with Mr.Subramanian.

Rajeev kulshreshtha (Expert) 14 October 2010
Yes there is no limit of amount but the limitation period is 3 years from the date of execution.

R.Ranganathan (Expert) 14 October 2010
limitation is 3 years from either the date of execution or the last date of payment/acknowledgement which ever is later. There is no limit to the amount involved.

R.Ramachandran (Expert) 14 October 2010
Dear Mr. Srinivas,
Period of limitation prescribed in Part-II of the Schedule relating to various types of promissory notes is as per attached table:

Guest (Expert) 14 October 2010
KINDLY NOTE THAT PROMISARY NOTE IS A PROMISE TO REPAY A CERTAIN AMOUNT TO THE PERSON NAMED IN. KINDLY NOTE THAT THIS IS VERY IMPORTANT DOCUMENT WHILE DECIDING LIABILITY IN CASE OF DISPUTE BETWEEN THE PARTIES .e.g. BANK GIVING LOAN AND A BORROWER SIGNING PROMISARY NOTE.
YOU MAY FIND EXACT LEGAL DEFINATION OF SAID MATTER IN SUBJECT OF COMMERCE AND NEGOTIABLE INSTRUMENTS ACT,AND OTHER COMMERCIAL LAWS.PLEASE NOTE.
IN CASE YOU NEED ANY FURTHER HELP KINDLY WRITE AND SEND DETAILS WILL HELP YOU.
GOOD LUCK.