Promissory Note

Querist : Anonymous (Querist) 05 October 2010 This query is : Resolved
Bank had executed a loan agreement and in addition had also obtained blank cheques and a promissory note as part of the loan agreement I never felt the necessity for the loan and hence never took it, but now I find that the same has been brought to the court as evidence which does not pertain to the particular loan but involves me and my firm.

What will the legal standing of a Demand Promissory Note (for companies)under following conditions

1. The promissory Note has been executed but no payment made to borrower for over a year.
2. The Promissory Note has been executed in the name of the company but does not bear seal of the company but is signed by the proprietor.
3. Rate of interest is not mentioned on the Promissory Note.
4.The amount claimed is less/more than the amount mentioned on the Promissory Note
5.What is the validity of such Promissory Note

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R.Ramachandran (Expert) 05 October 2010
Dear Anonymous,
This thread was already answered. What is the point in bring the same thread again and again?
In the earlier thread you disclosed that you did give cheques and promissory note for securing the loan (which you did not take), but bank according to you is misusing the same and linking the cheques and promissory notes to some other pending loan.
It was advised that you defend the case by telling all these facts.

R.Ranganathan (Expert) 05 October 2010
I support Mr. R.Ramachandran. In many matters Anonymous is raising similar repetitive queries in different vague languages.

pawan sharma (Expert) 05 October 2010
i agree with experts

Querist : Anonymous (Querist) 06 October 2010
Ramchandran Sir,

Even after asking the question twice my original query still remains unanswered on the following discrepancies in the promissory Note and its legal validity

1. The promissory Note has been executed but no payment made to borrower for over a year.
2. The Promissory Note has been executed in the name of the company but does not bear seal of the company but is signed by the proprietor.
3. Rate of interest is not mentioned on the Promissory Note.
4.The amount claimed is less/more than the amount mentioned on the Promissory Note
5.What is the validity of such Promissory Note

Ajay Bansal (Expert) 07 October 2010
DO.

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