Promissory notes
surendrababu
(Querist) 09 September 2013
This query is : Resolved
A borrowed from B Rs.10000 on 21-10-2010 and executed a promissory note in favour of B agreeing to repay the same with interest @ 36% p.a. and again A came to B on the same day stating that he still need some more money and borrowed Rs.5000 and executed another promissory note on the same day i.e. 21-10-2010 agreeing to repay the same with interest @ 24%p.a.
what is the legal position of these two promissory notes? Kindly explain.
Rajendra K Goyal
(Expert) 09 September 2013
Valid for three years of limitation.
R.K Nanda
(Expert) 09 September 2013
to recover amount limitation is 3 years.
V R SHROFF
(Expert) 09 September 2013
pN ARE VALID TILL 21-10-2013
so must issue demand notice by Lawyer to repay amt immediately, and file court case before due date i.e. 21-10-2013, demanding total of 15000+int
Dr J C Vashista
(Expert) 10 September 2013
PN is one of the Negotiable Instruments and limition to claim is 3 years, issue demand notice thorugh counsel, after that can move in summary trial u/o XXXVII Rule 1& 2 CPC
prabhakar singh
(Expert) 10 September 2013
Both notes are valid and summary suit of recovery can be filed any time before 21-10-2013 after demanding payment by serving notice or otherwise.
ajay sethi
(Expert) 10 September 2013
file summary suit before 21st October 2013 as advised
Selva Kumar
(Expert) 10 September 2013
File summary suit on or before 20-10-2013. Which is last day of limitation
R.K Nanda
(Expert) 10 September 2013
nothing to add more.
surendrababu
(Querist) 14 September 2013
thank you all for the guidence
