Promissory note
navin
(Querist) 26 July 2013
This query is : Resolved
) I want to lend some amount to my friend.planning to take a promissory note from him.please guide me what precautions i need to take?i am also collecting 3 blank cheques on behalf of payment given.should i type the ondemand & cosideration receipt or just fill with a ink pen?
2) At the time of maintaince judgement, Is this promissory note will consider by judge? Please advice.
ajay sethi
(Expert) 26 July 2013
all details have to be filled in by the drawer . tomorrow the drawer will take the pea that blank cheques were issued and date , amounts filled by you amounting to material alteration of cheque .
you can file summary suit in event the drawer fails to make payment of promissory note, cheque
navin
(Querist) 26 July 2013
thank u sir.........
navin
(Querist) 26 July 2013
can we notarise the promissory note?
ajay sethi
(Expert) 26 July 2013
you dont need notarisation of promissory note .
navin
(Querist) 26 July 2013
but notary is notary possible ?just for my knowledge
Raj Kumar Makkad
(Expert) 26 July 2013
Notarization is not necessary but there is no law restricting such notarization.
R.K Nanda
(Expert) 26 July 2013
nothing to add.
Advocate Sastry
(Expert) 26 July 2013
Dear Navin,
You have raised two queries.
1. Giving loan to your friend and taking a promissory note with three post dated cheques.. Please take latest form of cheques i.e. CTS compliant cheques and get them filled in by your friend along with dates of repayment. While giving the money please give your cheque to him
2. Why you are linking the Promissory Note to Maintenance Judgement.. Can you please clarify ?
navin
(Querist) 27 July 2013
I want to lend some amount to my friend.planning to take a promissory note from him.please guide me what precautions i need to take?i am also collecting 3 blank cheques on behalf of payment given.should i type the ondemand & cosideration receipt or just fill with a ink pen?
2) At the time of maintaince judgement, Is this promissory note will consider by judge? Please advice.
Nadeem Qureshi
(Expert) 27 July 2013
future is uncertain, think posative
navin
(Querist) 27 July 2013
sir pls answer the questions??
navin
(Querist) 27 July 2013
I want to lend some amount to my friend.planning to take a promissory note from him.please guide me what precautions i need to take?i am also collecting 3 blank cheques on behalf of payment given.should i type the ondemand & cosideration receipt or just fill with a ink pen?
2) At the time of maintaince judgement, Is this promissory note will consider by judge? Please advice.
ajay sethi
(Expert) 27 July 2013
if your friend defaults in repayment of loan amount mentioned in the promissory note you can file summary suit for recovery of the same .
prabhakar singh
(Expert) 27 July 2013
1.If the amount of the loan is more than twenty thousand then it should be advanced through an account payee non negotiable marked cheque of your bank a/c is the first precaution.
2.Though legally not required but it would be good if promissory note gets authenticated by a notary as in future in case of denial it would be presumed to have been executed in addition to presumption of passing of consideration.
3.Repayment cheques must be CTS compliant cheques duly dated and filled for amount by the debtor friend would be much better than blank signed cheques.
navin
(Querist) 28 July 2013
thank u sir
Raj Kumar Makkad
(Expert) 29 July 2013
You have properly been advised but even then you are raising the same question again and again for the reasons best known to you.
