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Home / Legal / Documentation / What Makes a Promissory Note Invalid?
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What Makes a Promissory Note Invalid?

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0 2022-11-08T09:29:49+00:00
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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?

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Rashmi Sinha

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