• Promissory note

Sir
 I have written 2 promissory notes each for 2 lakhs and 2.64 lakhs each on a future date 01.01.2017 in favour of an anonymous person.(whome I have never came across) out of family pressure. 
In this regard my doubts are
1.There was no financial transaction has taken place between me and and that person for signing the promissory note.
2.I have not given any cheques or my Id proof, letter of undertaking of debt.
In this regard is there any legal advantage for me in 
The court
Or how I should face it in the court
Asked 2 months ago in Civil Law from Hyderabad, Telangana
once you have issued promissory note you have acknowledged your liability to pay the amount mentioned in the said promissory notes 

2) on your refusal to pay person would file summary suit against you to recover said money with interest 

4) you can in your reply take the plea that it was executed under coercion . no consideration has changed hands 
Ajay Sethi
Advocate, Mumbai
23177 Answers
1217 Consultations
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You have executed the promissory note in favour of someone, so the holder of the note can file a summary suit for recovery against you. Even if no cheque was issued he will claim that he paid you money in cash. A promissory note carries the presumption of being legally valid. The onus to prove that you executed it under coercion will be on you. Issue a lawyer's notice to the holder to state that you had executed the note under duress and therefore you will not be liable under it.
Ashish Davessar
Advocate, Jaipur
18088 Answers
447 Consultations
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First disclose the real intention behind executing such pro note. Without understanding the background details it is difficult to advise further.
If no illegality is made then pro note can be enforced in court in the basis of its writings unless the debtor proves in court that no debt lies or it is repaid.
Devajyoti Barman
Advocate, Kolkata
5189 Answers
54 Consultations
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Hi 

1) Future date promissory notes are invalid. 

2) Issue a news paper advertisement (1 regional and 1 telugu) outlining that two promissory notes dated 01-01-2017 were obtained forcibly and hence you are not liable for the debt. This advertisement will protect you against any such claims in future.

3) If you are not scared to go to the police station, you can file a police complaint now only against the persons who forcibly made you sign the future dated promissory notes. 

Hope this helps.
Rajgopalan Sripathi
Advocate, Hyderabad
868 Answers
43 Consultations
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If you have executed two promissory notes with your signature, you may have to deny the knowledge of such persons who illegally demand the amount now. 

You can also deny and repudiate his claim to the core and await the court's verdict on it.
T Kalaiselvan
Advocate, Vellore
13969 Answers
127 Consultations
5.0 on 5.0
A promissory note means a signed document containing a written promise to pay a stated sum to a specified person at a specified date or on demand. Thus, a promissory note generally means a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand. A promissory note can be either payable on demand or at a specific time. If the promissory note is unconditional and readily salable, it is called a negotiable instrument.

If the person files a suit for recovery of money on the strength of promissory note then you have to prove that there is no transaction of money done in between you and that person. So not to admits the execution of Promissory Note .
 If the promissory note is in-admissible in evidence, whether action can be maintained for recovery of the amount either on the theory of " money had and received " or under the provisions of Section 70 of the Contract Act. Section 118 lays down a special rule of evidence applicable to negotiable instruments. The presumption is one of law and thereunder a court shall presume, inter alia, that the negotiable or endorsed for Consideration. In effect it throws the burden of proof of failure of consideration on the maker of the note or the endorser, as the case may be. It is mandatory that the presumption under Section 118(a) should be made until the contrary is proved.
Ajay N S
Advocate, Ernakulam
1911 Answers
19 Consultations
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