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What document to prepare to ensure payment to avoid future legal issue
09-Mar-2023 (In Civil Law)
Hello, Thank you in advance for taking out time to answer my query. My mother took a loan of Rs. 10 lakhs from one of my late father's business partner. We have been paying him Rs. 5000 every 3 months or so since the past 10 years now. The lender is now in extreme need of money and has agreed to settle the loan if my mother pays him Rs. 50,000/- only. He says he has lost the promissory note that my mother signed while taking Rs. 10 lakhs (by cheque) in 2007. What document must I prepare to ensure that after the payment of Rs. 50,000/- there are no more legal obligations for my mother?
Dear Client,
You need to take from him Certificate of Closure, which is nothing but another name for NOC (No Objection Certificate). This certificate is issued by your lender mentioning that his all dues have been cleared.
And don't forget to mentioned in this document about lost of promissory note.
Even tell your lender to lodge missing complaint of promissory note to his local police station. And then let him ask to attach this original copy of "missing complaint certificate" to Certificate of Closure/ NOC which he will provide you.
Make this Certificate of Closure/ NOC on Rs. 200/- stamp paper or do franking. Later make notarized this document.
You need to take from him Certificate of Closure, which is nothing but another name for NOC (No Objection Certificate). This certificate is issued by your lender mentioning that his all dues have been cleared.
And don't forget to mentioned in this document about lost of promissory note.
Even tell your lender to lodge missing complaint of promissory note to his local police station. And then let him ask to attach this original copy of "missing complaint certificate" to Certificate of Closure/ NOC which he will provide you.
Make this Certificate of Closure/ NOC on Rs. 200/- stamp paper or do franking. Later make notarized this document.
Helpful?
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Adv. Seema Vithal Mangaonkar
Mumbai | 25+ Answers
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Please make loan full and final settlement agreement,. Along with consent terms to b prepare which is agreed by both parties.
Also take no dues clearance certificate from that business partner.
Please take receipt of Full and final amount to be paid.
Also take no dues clearance certificate from that business partner.
Please take receipt of Full and final amount to be paid.
Helpful?
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Adv. Swapnil Harihar Patil
Mumbai | 25+ Answers
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You need to take no due certificate or letter.
Cheque issued shall not be used
Promissory note executed by ..is discharged by having revived total money on demand.
Indemnity from any claim in respect of documents of mortgage promissory note as well as cheque if issued towards repayment of loan
Cheque issued shall not be used
Promissory note executed by ..is discharged by having revived total money on demand.
Indemnity from any claim in respect of documents of mortgage promissory note as well as cheque if issued towards repayment of loan
Helpful?
23+
23+
Adv. Amresh Sharma
Mumbai | 100+ Answers
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