https://www.taxtmi.com/caselaws?id=200269 A promissory note remains valid where the payee is identifiable from the instrument as a whole, even if the words "to order" are absent. Genuineness and consideration may be proved by oral evidence, account entries and surrounding commercial circumstances, while the burden of proving material alteration remains on the party alleging it. A managing partner may bind the firm by executing negotiable instruments in the ordinary course of business where no known restriction limits authority. Interest is recoverable on promissory notes at the statutory rate even without an agreed contractual rate. en-us Tue, 20 Jan 1981 00:00:00 +0530 Sat, 24 Mar 2018 15:16:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200269 A promissory note remains valid where the payee is identifiable from the instrument as a whole, even if the words "to order" are absent. Genuineness and consideration may be proved by oral evidence, account entries and surrounding commercial circumstances, while the burden of proving material alteration remains on the party alleging it. A managing partner may bind the firm by executing negotiable instruments in the ordinary course of business where no known restriction limits authority. Interest is recoverable on promissory notes at the statutory rate even without an agreed contractual rate. Case-Laws Indian Laws Tue, 20 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200269