Validity of "On Demand Draft"
I have given some money to a person by taking his thumb impression and signature on "on demand draft" paper. How many days it has validity? I have mentioned that for one month and at the interest 2% in that paper. What can I do if that person will not give money back to me? please help.
Asked 2 years ago in Property Law from Bangalore, Karnataka
how was money advanced by cash or cheque? what are the contents of the paper? have you obtained his signature on blank documents ? if person does not repay issue legal notice and file summary suit for recovery of outstanding amount
Hi, form the date of instrument 3 years, with in that you have to file suit for recovery of money.
What are the contents of the document? Has he acknowledged in specific terms his liability? If he does not return the money along with interest then file a case for recovery of the amount due.