Promissory note
K GANGA NARSAIAH
(Querist) 08 June 2015
This query is : Resolved
Namaskar,
I have been given two lakhs to my friends close fiend. On trust of my friend who is stands as surity. who has executed promisory note I don't known by person.
My queries:-
1.After 3 years of limitation of Promissory note shall I file a suit.
2.In which way we can give life for promissory note.
3 That we can ask any attach of property of surity person,the first party absconded.
SAINATH DEVALLA
(Expert) 09 June 2015
mention the date written on the promissory note.
malipeddi jaggarao
(Expert) 09 June 2015
Only legal point is when should file the case basing on the promissory note. It is not after 3 years of limitation. Limitation for Promissory Note is 3 years and you should file the case before 3 years. Giving life to the existing Note is possible within 3 years only. The borrower should make fresh acknowledgement or execute a new promissory note. If he makes the part payment personally (through his account) from that date the limitation period can be counted for another 3 years, but it is little cumbersome. As regards asking for any security that is between you and your friend who introduced the borrower. In case whether he is absconding or traceable, you should file the case within 3 years of Promissory Note.
Sudhir Kumar, Advocate
(Expert) 09 June 2015
repeated
http://www.lawyersclubindia.com/experts/Promisory-note-life--541271.asp#.VXZXelKupVJ
SAINATH DEVALLA
(Expert) 09 June 2015
If he does not mention the contents of the note,how can we come to a conclusion.
Sudhir Kumar, Advocate
(Expert) 09 June 2015
practically you are on to fight a futile battle
Money given to friends and relatives is always a charity in the garb of loan which is given in expectation of refund but always taken with intention of non-refund.
Borrower make this pronote when he needed money. Without this pronote he was getting no money. SO to befool you the pronote was a must and it was also must to prevail upon you not to file case till three years.
Now the situation is different. Why should he sign fresh pronote or renew its validity. Why your friend should help you in this. Only to enable to to file suit against them?
SAINATH DEVALLA
(Expert) 09 June 2015
correct assessment by Sudheerji, I support his reply
