recovery suit

rajan chopra (Querist) 11 November 2013 This query is : Resolved
A executed a pronote for money in his own handwriting in favour of B. Now B handed over this promote by making endorsement PAY TO C residing at another state.Now can C file a recovery suit against A from the state he resides?

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Devajyoti Barman (Expert) 11 November 2013
yes, he can.

rajan chopra (Querist) 11 November 2013
Then from when limitation period will start? When pronote was executed by A in favour of B OR When B endorsed the same In favor of C?

Raj Kumar Makkad (Expert) 12 November 2013
If endorsement has been made in the given case even then the limitation shall start from the initial day of signing the pronote.

malipeddi jaggarao (Expert) 12 November 2013
Agreed with all experts.

Rajendra K Goyal (Expert) 12 November 2013
Pronote is a negotiable instrument defined vide section 4 of the NI act:

4. "Promissory note". A " promissory note" is 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.

It can be endorsed like cheque.

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