LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Naveen   03 July 2017

Promissory note

Hi evry one I would like to know the exact limit of amount (maximum)is liable on a single promissory note as per civil law, as some one is saying only 2lakhs per note n some one is saying no limit TIA


Learning

 6 Replies

Raveena Kataria (Advocate )     03 July 2017

The answer to that would be none, that is there can be no upper limit to the amount mentioned(to be paid) in a promissory note.

Note, the only bar relating to it is the limitation period of three years from the date of its execution (i.e. the period within which the creditor can bring an action in the local civil court to enforce payment in the said promissory note.)

Naveen   03 July 2017

My Father expired on 10/05/2016 a person came Home saying that he holds 6no.of signed by my father (empty promissory notes) n repay Rs 15Lakhs harrasing us using abbusive language, hence I lodged a complaint in near by police station recently the so called person sent a legal notice to me n to my mother showing only one promissory note of Rs 15Lakhs n the rest of 5 empty notes he is trying to set a false people to take hold on my father's property ( a house n a open plot ) after having attachment he is planning to fly U.S.for few months My question is how can I regain or stop the empty promissory notes from the person n we all family members are depended on my father's income n no other alternative sources are available, Kindly suggest me the best way to slolve the issue either legally or through any other genuine procedure

Raveena Kataria (Advocate )     03 July 2017

The burden will be upon the person who served you notice to prove in the court that he had paid 15 lakhs worth of rupees to your father, for which he will have to offer several proofs for court's inspection including mode of such payment, his source of income (out of which he managed to make such payment,) the reason for advancing such payment to your father etc. I'd advise you to get in touch with a local advocate so he can assist you smoothly through all the proceedings in this false promissory note case. 

Siddharth Srivastava (Advocate)     03 July 2017

As such No limit on upper limit..

P. Venu (Advocate)     03 July 2017

He cannot take law into his hands. The property could be attached through due process of law only. In order to pre-empt any ex-party interim order or injunctioon, you may file a caveat in the jurisdictional court. 

Naveen   12 July 2017

Sorry for the late reply but Thanks to all for the kind concern

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register