Promisory note
Sella Muthu
(Querist) 20 November 2009
This query is : Resolved
Greetings,
When I was a NRI I paid 3 lacs money to one of my relatives due to his financial problem he had. He agreed to pay after 5 years. I waited patiently and he is now well off but not willing to pay. He signed blank promisory note. I approached him twice and the response is negative. What I should do the promisory note.?. Is it possible to get it?.
I appreciate your guidance.
Adv Archana Deshmukh
(Expert) 20 November 2009
If he gave in writing that he will pay after 5 years then, you can recover the amount by filing a recovery suit within 3 years from the accrual of cause of action.
G V S Jagannadha Rao
(Expert) 20 November 2009
You say the promissory note is blank. It may amount to material alteration if you fill it now. Secondly, from the revenue stamp affixed on it the age of the stamp can be determined, though in your case this may not have any adverse affect.
If the promise to discharge the debtin five years is in writing then it would be a bond attracting stamp duty. If is is not stamped or adequately stamped, you can get it impounded to determine the stamp duty and penalty and then file the suit for recovery of money.
Sella Muthu
(Querist) 20 November 2009
Dear Sir,
The 5 year term is verbal agreement only. The promisory note is not filled. It is just blank with revenue stamp and his signature on it. The promisory note needs to be filled. Kindly advise.
Thanks
PJANARDHANA REDDY
(Expert) 20 November 2009
IF THERE IS ANY WRITTEN 5 YEARS WORDING, U CAN PROCEED FOR THE IMPOUNDING FOR THE STAMP DUTY DEFICIENCY WITH FINE&PENALITY, THEN U CAN SUE
PJANARDHANA REDDY
(Expert) 20 November 2009
WE LEGAL PROFESSIONALS IN A OPEN FORUM HOW CAN GUIDE TO DO THE ILLEGAL ACT. PLEASE CONSULT AN ADVOCATE IN PERSON EXPLAIN THE SITUATION ,HE CAN HELP U BETTER/
Devajyoti Barman
(Expert) 20 November 2009
To recover the money you can either file a suit for recovery of money or initiate legal proceeding under Provincial Insolvency Act provided the promissory note is filled up at the time of presentation before the court bearing a particular date.
Raj Kumar Makkad
(Expert) 20 November 2009
Definitely your money is purely safe. File suit for recovery by filling the pronote within 3 years of filing the suit.
adv. rajeev ( rajoo )
(Expert) 21 November 2009
The averment of the promissory note should be like this"
To:
I have received Rs. as hand loan from you for my family necessity and to clear family debt. The amount will be repaid whenever you demand. There is no interest to pay on this amount"
The sentence " whenever you demand" gives you casue of action now also. Another important thing is that there should not be any word like interest, if any agreement to pay interest on the hand loan then it amounts to money lending, without money lending license you cannot lend the amount.
N.K.Assumi
(Expert) 21 November 2009
Please refer to section 93 of the evidence act. "When the language used in documnets is on its face ambigfous or defective, evidence may not be given of facts which would show its meaning or supply its defect. See illustration (b) of the section 93.
Adinath@Avinash Patil
(Expert) 21 November 2009
file a civil suit for recovery of amount by dully filling promissory note.you also go through section 20 & 118 of negotiable instruement act and good commentrry on said section, it will help you.
N.K.Assumi
(Expert) 21 November 2009
If B said to A in writing, Mr.A. IOU Rs.one lakh, does it amount to promisory note? as per sectrion 4 of the NIA?
niranjan
(Expert) 22 November 2009
One has to take caution while filling the pronote about the date to bring it within ambit of three years.
Sella Muthu
(Querist) 20 December 2009
Thanks for all guidance.
