promicery note and cheque bounce
8 months ago
i take loan by relative 20/05/2016 10lakhs i give 2 signed blank cheque and promicery notes after i pay amount of 8lakhs some amount by transfer and some amount by cash after i loss everything .till now he can't put any legal notice after 8years he calls and tell i fill promicery note and cheque to i case on you on 20lakhs is it valid after 8years after signed cheque the age of the signature is 8years ago but dated new is valid to put case on me (the limition of promicery note and cheque after 3years is invalid)after he case on me after the age of cheque is 8years ago its comes under nia act or not
A.Dear Client,
In India, the law governing promissory notes is the Negotiable Instruments Act, 1881 (NIA). According to Section 118 of the NIA, a promissory note is a negotiable instrument containing an unconditional undertaking to pay a certain amount of money to the order of a specified person or to the bearer of the instrument.
Regarding the time limitation for enforcing promissory notes, Section 118 of the NIA states that a promissory note may be presented for payment within a reasonable time after its issue. If a promissory note is dishonored, the holder (the person to whom the money is payable) must give notice of dishonor to the parties liable on the note within a reasonable time. The limitation period for filing a suit to recover the money due under a promissory note is three years from the date of dishonor.
As for the blank cheques you provided, they come under the purview of Section 138 of the NIA, which deals with dishonor of cheques for insufficiency of funds. As per this section, a person can file a complaint against the drawer of a cheque within one month from the date the cause of action arises.
Thank you.
In India, the law governing promissory notes is the Negotiable Instruments Act, 1881 (NIA). According to Section 118 of the NIA, a promissory note is a negotiable instrument containing an unconditional undertaking to pay a certain amount of money to the order of a specified person or to the bearer of the instrument.
Regarding the time limitation for enforcing promissory notes, Section 118 of the NIA states that a promissory note may be presented for payment within a reasonable time after its issue. If a promissory note is dishonored, the holder (the person to whom the money is payable) must give notice of dishonor to the parties liable on the note within a reasonable time. The limitation period for filing a suit to recover the money due under a promissory note is three years from the date of dishonor.
As for the blank cheques you provided, they come under the purview of Section 138 of the NIA, which deals with dishonor of cheques for insufficiency of funds. As per this section, a person can file a complaint against the drawer of a cheque within one month from the date the cause of action arises.
Thank you.
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