Conveyance deed of Promissory Note

In this article, we discuss the concept, need and how to draft a promissory note.

FACTS

Sambasiva Rao obtained a sum of Rs. 20,000/- from Narasimhas with interest at 12% per annum. Draft a promissory note for B. Sambasiva Rao to be executed in favour of Nagarajus.

DRAFT A PROMISSORY NOTE

On DEMAND. B. Sambasiva Rao, S/o. Ram Kumar, aged about 40 years cultivation residing at Srinivasapuram, Tirupati, Chittoor District promise to pay sum of Rs. 20,000/- (Rupees twenty thousand only) with an interested at the rate of 12% P.A. from 29-11-2010 either to Narasimhulu, S/o. Kondaiah, residing at Padmavathipuram, Tirupati, Chittoor District or by his order.

WITNESSES Revenue Stamp

1. XXXXXX XXXXXXX
2. XXXXXX XXXXXX

PROMISSORY NOTE

DRAFT A PROMISSORY NOTE

Sudhakar, S/o. Boopesh, aged about 40 years, Business, residing at Chandragiri Village, Tirupati Rural Mandal, Chittoor District on 29.11.2013 have borrowed Rs. 30,000/- (Thirty thousand only) in cash for any family and personal necessities from Krishna, S/o. Dhatta Rao, residing at Chandragiri Village, Tirupati Rural Mandal, Chittoor district agreed thereupon to pay Principal with interest 14% p.a. from 29.11.2013.

On Demand either to him or by order

WITNESSES Revenue Stamp

1. XXXXXX XXXXXXX
2. XXXXXX XXXXXXX