I had a question.
I am entering into a money-lending contract with someone. They are willing to give it to me on a stamp paper (with their sign).
What do i need to do so that the stamp paper can be a legal proof?
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Execution/registering a stamp paper
Replies (4)
Money lending contact between individuals without their registeration of being lender is not valid at all , even if you done contract via stamp paper , there is no legality in that
Regards
Ddshah
The term money lender denotes a person who lends money as his regular business, he only needs a licence.if a person gives money to few known people they won't need licence.no registration is required.
thank you all.
Yes, I want to lend money to a few friends, but I also want to be legally solid, if they do not pay. This has happened to me.
In case of lending you have to take a demand promissory note / promissory note. In case of a contract, any party to the contract can approach the court for violation or non-compliance to the terms of the contract. Money lending itself is not a contract. If it has other activities such as hirepurchase etc. you can take an agreement from him.
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