Promissory note

anitas (Querist) 04 July 2013 This query is : Resolved
I have been asked to give a Pronote by my landlord for the overdue rents. I wanted to understand the pros and cons before doing it keeping in mind my safety.
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ajay sethi (Expert) 04 July 2013
you are bound to pay rent as you arre using the premises . the landlord wants pro note so that in venet of failure to pay he can file summary suit to recover rentals

Rajendra K Goyal (Expert) 04 July 2013
Promissory note is a negotiable instrument defined under the negotiable instrument Act.
It is a promise to pay certain debt at certain place on demand. It is used as a security of the debt.

R.K Nanda (Expert) 04 July 2013
do not execute pronote in favour of ur LL.

Raj Kumar Makkad (Expert) 04 July 2013
If you owe some money then either provide post dated cheque or promissory note as mutually decided.

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