PROMISSORY NOTES - PROBLEMS -2

limitation = the limitation for recovery of pronote amount is 3 years, from the date of execution. under sec.18 of limitation act any part payment is made and endorsed on the reverse side of pronote with due signature or tumbimpression of defendant with in the 3 years, again another 3 years would come from the date of endorsement; mode of endorsement = there is no specific mode , except mentioning the date and amount paid towards the pronote debt. it may scribed by the defendant or any other person and is duly signed by the defendant or thumb impression should be affixed. no stamp is required ; sec.25 of Indian contract act = a time barred debt may be renoved by making specific endorsement that i again promised to repay the debt with or without interest and it should be duly signed on stamp. cancellation of stamp = while signing or thumbing, it should come not only on stamp and also on the document.