I have the following queries regarding Promissory Note:
- Can we specify the period of payment like "payable within 15 days from the date of demand"?
- What is the best way to specify partial payments of principal & interest ?
- What safegauards to be taken against fraudulent modification by the holder (like modifying the amount, date of payment, payee etc)?
- Can it be made in duplicate on which both parties sign?
- Can it be printed on Company (Proprietorship) Letterhead or a Stamp Paper? What is the denomination of the stamp paper?
- Can a nominee for the payee be specified?
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