want to lend money to a friend in need.
he says he will return in 2months and ready to sign a agreemnt.
so want to get it in a pronote.
does the pronote need to be registerd?
in general, will the pronote have any standing in police station and court cases should be there any issues of non payment arises?
is scanned copy of pronote ok or do i need to get original?
what process should i suggest him to take before taking loan, so he knows am real serious in return
Promissory note is a negotiable instrument and the Negotiable Instruments Act defines promissory note as “an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument”. All pronote have the following elements:
An unconditional undertaking to pay;
The sum should be a specified sum of money and should be certain;
The repayment should be to or to the order of a person who is certain or to the bearer of the instrument;
The promisor should sign the promissory note;
The promissory note must be in writing;
The promissory note should be payable on demand or it should be payable on demand at some fixed future time;