Promissory note by 3 persons

Querist : Anonymous (Querist) 01 March 2023 This query is : Resolved
Is it possible to execute a promissory note by three persons to one person that they received an amount from him and will pay to him money on demand ?

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Quick Summary

This discussion examines whether a promissory note can be legally executed by three individuals promising to repay a single lender. While one expert suggests individual execution is necessary, another points to Indian Contract Act sections 42 & 43, implying joint notes are permissible. It's recommended to consult a local lawyer for specific advice based on the facts.

Sudhir Kumar, Advocate (Expert) 02 March 2023
please be specific what you want to know

Dr J C Vashista (Expert) 02 March 2023
No.
Promissory Notes have to executed by each borrower.
Consult and engage a local prudent lawyer for appreciation of facts/ documents, professional advise and necessary proceeding.