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Clarifications as to the cheque bounce and Promissory note
05-Oct-2023 (In Cheque Bounce Law)
During a property transaction the opposition party gave two cheques and for the remainig amount he gave a signed promisory note.now the cheques was bounced.My question is is there legal value for the amount mentioned in the promisory note.is there any possibily for geeting the amount mentioned in the promisory note?
In this query, regarding Cheque bounce you can very well file Civil and Criminal case against the drawer. Of course you can file civil suit to recover the amount mentioned in the Promissory Note as well. But it's limitation period is 3 years from its execution. If you need further assistance pl contact me.
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Adv. Manoj Raghuram
Madurai | 100+ Answers
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The promissory note is legally valid and you can recover your money. You can also file cases for the cheque return. First you try to file criminl case for the returned cheques and if you are not able to recover the money within 2 1/2 years then you can file civil case for recovery of money based on the pronote. If you are in Chennai you can contact me for further advice and assistance.
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Adv. Suchit Palande
Chennai | 200+ Answers
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Hello!
Yes, promissory note is a form of legal contract. Being an undertaking given, stamped and signed, you can file a suit for recovery of the amount and prove your claim relying on the promissory note under negotiable instruments Act.
Yes, promissory note is a form of legal contract. Being an undertaking given, stamped and signed, you can file a suit for recovery of the amount and prove your claim relying on the promissory note under negotiable instruments Act.
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Adv. Archana Boopalan
Chennai | 25+ Answers
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