krish (-) 19 November 2010
I like to know the documentation required to acknowledge receipt of money which will be a documentary proof which should be acknowleded by Mr X & Y ( wife of Mr X) who has received money as loan , which can be proceeded legally incase of default . Req u to advice
Y ARAVIND (ADVOCATE) 19 November 2010
For legal enforceability the document should meet the requirement under the provisons of NI Act
Asim Kumar Sen (RETIRED MANAGER OF A NATIONALISED BANK) 20 November 2010
The acknowledgement of a debt may assume two forms under the Negotiable Instruments Act namely 1. Bill of Exchange and 2. Promissory Note.But ;considering X as the lender of money to his wife Y, X gets the P.note or Bill of Exchange from Y , the wife. While X has a proof of debt , Y has no similar document from X . X need not sign any document in acknowledgement of getting the instrument signed by Y. So, what is the defence of Y that she already signed a proper instrument evidencing the debt in case the execution of document is challenged by X?
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