In India, a promissory note can be invalid if it lacks essential elements like the date, maker's signature, and a clear promise to pay. It is also invalid if it involves illegal terms, is signed under duress or fraud, or is executed by someone lacking legal capacity, such as a minor. Additionally, failure to comply with the stamping requirements under the Indian Stamp Act can render the note inadmissible as evidence in court.
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How to Find Out the Promissory Note Validity Period in India?
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I am very much acquainted with cheques that are mostly used in paying debts or even drafts but recently I learnt about promissory notes and also what makes a promissory note invalid in India. It is basically a document or tool that helps a party to pay its debt to another on a particular date or day. A document that the drawer signs with a promise to pay the payable amount whenever demanded.
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When is a promissory note invalid?
In general a promissory note is valid for 3 years starting from the date of execution. However there are other ways as well by which a promissory note becomes invalid. Let me answer
what makes a promissory note invalid in India pointwise for your convenience. Here:
Incomplete or wrongly signed promissory note
Missing the date or amount in the note
Missing the interest rate
Missing the original copy
Clauses being unclear
Terms not clear enough
Changes made without drafting new agreement
Passing the limited period of 3 years
I hope I have answered your query on what makes a promissory note invalid.
Read More:What is a promissory note validity period?
What Makes a Promissory Note Invalid?
Meghna
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3 Year
2022-11-08T09:11:01+00:00 2025-03-13T11:58:29+00:00Comment
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