Recover money by using promissory note
5 months ago
I lent ₹3,20,000 cash to my friend on 20/4/2023 in need of money.He gave me a handwritten promissory note with the thumb of his left hand to pay this rupee in one and a half months.Now at the end of one and a half month I demanded my amount and he is threatening me that he will trap me by saying false money lending case and Interest case,so please give me legel advice
A.Dear Client,
A promissory note is a legally binding promise to repay a debt. Promissory note laws vary by state, but they typically include the loan amount, loan terms and signatures from both the lending and borrowing party. When this document is signed by the borrower, it becomes a legally binding contract and the lenders can claim a refund of the loan by filing a suit under the Negotiable Instrument Act, 1938. All Promissory Notes are valid only for a period of 3 years starting from the date of execution. Section 147 of the Negotiable Instruments Act makes every offense punishable under the Act as compoundable and there is no bar on parties to compound the offense. Reach out to an Advocate for guidance and steps for filing a suit under the N I Act.
A promissory note is a legally binding promise to repay a debt. Promissory note laws vary by state, but they typically include the loan amount, loan terms and signatures from both the lending and borrowing party. When this document is signed by the borrower, it becomes a legally binding contract and the lenders can claim a refund of the loan by filing a suit under the Negotiable Instrument Act, 1938. All Promissory Notes are valid only for a period of 3 years starting from the date of execution. Section 147 of the Negotiable Instruments Act makes every offense punishable under the Act as compoundable and there is no bar on parties to compound the offense. Reach out to an Advocate for guidance and steps for filing a suit under the N I Act.
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A.Dear Client,
The promissory note you have is evidence of the debt. Make sure it contains all the necessary details, such as the loan amount, terms of repayment, and the date of maturity. It should be signed by the borrower. Since the stipulated time for repayment has passed, you can formally demand repayment from your friend. Ensure that your demand is in writing and clearly states the amount owed, the due date, and any applicable interest. If your friend persists with false threats and harassment, you may consider filing a complaint with the police. Provide them with all the evidence you have, including the promissory note and any communication.
The promissory note you have is evidence of the debt. Make sure it contains all the necessary details, such as the loan amount, terms of repayment, and the date of maturity. It should be signed by the borrower. Since the stipulated time for repayment has passed, you can formally demand repayment from your friend. Ensure that your demand is in writing and clearly states the amount owed, the due date, and any applicable interest. If your friend persists with false threats and harassment, you may consider filing a complaint with the police. Provide them with all the evidence you have, including the promissory note and any communication.
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