24 July 2010
promissory note issued to ourself is void.
suppose, A issued a promissory note to B of rs 10000 ,to be paid after 4 months, after 3 months B purchased something from A & thus return that promissory note to A. now will this promissory note valid or not
plz see page no 2.3 of businee law book (of icai,bos) last 3 lines
27 July 2010
Prom note cannot be issued to oneself means that it cannot be issued in his own favour: A issuing a note on himself and stating that he would pay himself Rs. ___ after 2 months.
The above example in your query is simple returning or cancellation of the PN
CAclubindia
