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promissory note

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(Querist)
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
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Rasesh

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Rasesh (Expert)
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
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akshay

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akshay (Querist)
30 July 2010 thnx sir
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