HOW LONG ARE PROMISSORY NOTES VALID?
After the expiry of 3 years as of the date of payment. The promissory note loses its quality as a negotiable instrument. In this case, it will not be possible. To take enforcement proceedings or take a precautionary attachment decision as mentioned above. However, if the time period passes, the promissory note continues to be an ordinary written debt acknowledgement. In this case, it is necessary to prove that there is a money debt by conducting enforcement proceedings without writ of execution.
IS THE PERSON WHO DOES NOT PAY THE PROMISSORY NOTE SENTENCED TO IMPRISONMENT?
In case of non-payment of the promissory note, no imprisonment sanction is applied for the debtor. However, if the debtor gives an execution commitment to the enforcement file while the foreclosure proceedings continue. But does not pay the debt on the dates committed. The offence of violation of the commitment occurs. In this case. The creditor can ensure that the debtor is imprisoned. With a complaint to the enforcement criminal court.
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