ravi mattukanti (Technician) 28 March 2014
Q1. While writing a promissory note between lender and the borrower, what if the promissory note does NOT include collateral or interest or no cheques are included. what is the value of it..? does it still be powerful in case of any unexpected happens.
Q2. What if there is NO legal document made between lender and borrower ? But only proof is emails and phone messages.?
Please tell me
T. Kalaiselvan, Advocate (Advocate) 30 March 2014
For your first question, a promissory note should include interest at the agreed rate for the sum lent, it need not contain co-lateral or cheque or any other thing.
four your second question: the proof of email and phone messages will not be a valid proof to prove the passing of consideration.
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