Promissory notes classified as assets under search provisions may be retained, copied, or released on deposit to prevent loss. Promissory notes and bearer instruments that are documents in the nature of assets are to be treated as other valuable article or thing for search and seizure purposes; they may be seized, returned on deposit of equivalent value to avoid time-bar issues, or, if retention is impracticable or contentious, copied (photostat or assessee-certified copy) and a possession restraint order issued to prevent dealing without authority.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Promissory notes classified as assets under search provisions may be retained, copied, or released on deposit to prevent loss.
Promissory notes and bearer instruments that are documents in the nature of assets are to be treated as other valuable article or thing for search and seizure purposes; they may be seized, returned on deposit of equivalent value to avoid time-bar issues, or, if retention is impracticable or contentious, copied (photostat or assessee-certified copy) and a possession restraint order issued to prevent dealing without authority.
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