AIR 1949 ALLAHABAD 431

Allahabad High Court

Hon'ble Judge(s): Wanchoo, Bhargava , JJ

Negotiable Instruments Act (26 of 1881) , S.4— Promissory note - There must be express undertaking to pay - Instruments held not promissory notes but acknowledgments of debts with agreement to pay interest Stamp Act (2 of 1899) , S.2(22)— In order to find out whether an instrument is a promissory note or not, its terms must be examined.(Para 5) There must be an express undertaking to pay the amount mentioned in the instrument before it can be held to be a promissory note. A mere implied undertaking, by the use of the word "debt" or "pronote" in the instrument is not sufficient.(Para 6) Instruments bearing one anna revenue stamp each were in these terms : "I had borrowed a sum of Rs. 42 ........ ......bearing interest at the rate of annas four per cent. from B ........... on 29th March 1939, and have therefore executed this pronote ........."; the other instrument was in these terms : "I of my own free will and accord approached M .......... and borrowed from him the sum of Rs. 100 ... - bearing interest at the rate of annas eight per cent, per mensem for the purpose of purchasing bullock. I have, therefore, executed these few presents by way of a promissory note ...........": Held that the instruments were not promissory notes within the meaning of S. 4 but were ackno....