First, do handwritten IOUs have legal effect?
1. Handwritten IOUs are legally recognized as long as the meaning is true and does not violate the law. However, if the loan is handwritten, it is better for the borrower to write it. If it is written by the lender, it must be signed or sealed by the borrower.
2. Legal basis: Article 469th of the Civil Code of People's Republic of China (PRC).
The parties may conclude a contract in writing, orally or in other forms.
Written form refers to contracts, letters, telegrams, telexes, faxes and other forms that can tangibly express the contents contained.
A data message that can tangibly express its content through electronic data interchange, e-mail, etc. , and can be retrieved at any time, are considered in writing.
Article 470
The contents of a contract shall be agreed upon by the parties, and generally include the following clauses:
(1) The name and domicile of the party concerned;
(2) Subject matter;
(3) quantity;
(4) quality;
(5) Price or remuneration;
(6) Time limit, place and method of performance;
(7) Liability for breach of contract;
(8) Methods for resolving disputes.
The parties may conclude a contract by referring to the model texts of various contracts.
Second, handwritten IOUs are valid for several years.
Handwritten IOUs are valid for three years, that is, the statute of limitations. If the debtor fails to pay off the debt within the time limit, the limitation period of action shall be counted from the day after the overdue, and the period shall be three years. If the creditor and the debtor have not agreed on the repayment date, it means that the debtor can repay at any time, and the lender can also demand repayment at any time when it is handled by the debtor.
I hope the above content can help you. Please consult a professional lawyer if you have any other questions.
Legal basis: Article 143 of the Civil Code of People's Republic of China (PRC).
A civil juristic act that meets the following conditions is valid:
(1) The actor has corresponding capacity for civil conduct;
(2) the meaning is true;
(three) does not violate the mandatory provisions of laws and administrative regulations, and does not violate public order and good customs.
Article 668 of the Civil Code of People's Republic of China (PRC)
A loan contract shall be in written form, unless otherwise agreed between natural persons.
The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.
Article 680 of the Civil Code of People's Republic of China (PRC)
It is forbidden to lend at high interest rate, and the lending rate shall not violate the relevant provisions of the state.
If there is no agreement on the payment of interest in the loan contract, it shall be deemed that there is no interest.
If the loan contract does not specify the payment method of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties' trading methods, trading habits, market interest rates and other factors; Loans between natural persons are regarded as interest-free.