LE­GAL EASE

IS A HAND­WRIT­TEN IOU LEGALLY EN­FORCE­ABLE?

Men's Health (Singapore) - - NOW! - – Colin

Yes, in­deed, if it’s in the form of a “prom­is­sory note” or “bill of ex­change”, says An­drea Loke, as­so­ci­ate at Tito Isaac & Co LLP. The for­mer is one that you not only write and sign to another per­son, but also prom­ise to pay a cer­tain sum of money. A bill of ex­change does not con­tain a prom­ise; nei­ther does the bor­rower pledge to pay. But it’s an or­der for pay­ment from whom the bill is ad­dressed to. So, just “IOU $ 5,000” writ­ten and signed on a nap­kin at the bar when you were drunk doesn’t count. Do you have a ques­tion about the law that you want to find out?

Please send it to us at mag­men­shealth@ sph.com. sg. The le­gal in­for­ma­tion here does not con­sti­tute le­gal ad­vice. You should al­ways consult a lawyer for the pro­fes­sional as­sur­ance that our in­for­ma­tion, and your in­ter­pre­ta­tion of it, is ap­pro­pri­ate to your par­tic­u­lar sit­u­a­tion, be­fore you com­mence any sort of le­gal ac­tion. We are not li­able if you fail to do so.

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