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Sagar Sarin (Intern)     12 September 2012

Negotiable intrument act

Has a notice to be served to the defaulter in case promisory note is dishonoured?If yes, what section?



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Adv. Meenakshi S

Adv. Meenakshi S (Advocate-Sra and Mhada matters)     12 September 2012

Yes Promissory note is a negotiable instrument by virtue of Section 13 of NI Act 1881 but there is no penal offence in a note.. You can definately recover the amount by filing a summary suit (O37,R1) and no statutory notice is required for the same but its advisable to send a notice first...


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