sridhar 15 July 2017
1. I want to know what is the fee for registering a PROMISSARY NOTE, PN, used for a financial transaction, if we borrow funds for a certain period from another party.
2. Is there any certain formats to make a PN.
3. I am planning to register the same PN with a Registrar office in Bangalore. is it possible to register the same.
Raveena Kataria (Advocate ) 15 July 2017
Hi! Please have a look at the general format of a promissory note by clicking here.
Technically, any promissory note, signed by both the parties in question, and inclusive of all the necessary details such as the total amount of money or capital loaned, the interest rate, and the timeline for repayment, will have a legally binding effect (like a contract.)
in my opinion, if you want to draft a secured promissory note (as opposed to an unsecured one which doesn't involve collateral,) it shall be attached to property by either a trust deed, a mortgage, or a land contract. Either of such instruments would need to be recorded in the registrar's office.
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