Conveyance deed of Promissory Note

By | September 24, 2016
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Last Updated on by Admin LB

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
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Author: Mayank Shekhar

LLM, Faculty of Law, University of Delhi, UGC NET (Law) qualified. Under Mayank's leadership, Legal Bites has been researching and developing resources through blogging, educational resources, competitions, and seminars.

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