Sample:

Receipts are legally binding, but there are differences between IOUs, IOUs and receipts

Points to note

1. When borrowing money, it is better to write "IOU" than "IOU"

Both IOU and IOU are evidence of creditor's rights and debts, but there is a big difference between them. An IOU is a written voucher for a loan issued by the borrower to the lender, which proves that the two parties have established a loan contract relationship; while the debt owed is a basis for settlement based on previous economic transactions between the two parties. It is actually a settlement between the two parties in the past. The settlement of economic transactions only represents a pure creditor-debt relationship and does not represent a loan contract relationship. Therefore, when borrowing money, it is better to write an "IOU" rather than an "IOU" to avoid the burden of proof in litigation to explain the reason and purpose of the "owed" money.

2. The interest rate agreed upon by both parties when borrowing should be written into the IOU

In practice, many creditors misunderstand that interest cannot be charged on private loans, so the interest is only agreed verbally and not written down. Enter the IOU. In fact, if the interest rate agreed between the borrower and the borrower does not exceed the annual interest rate of 24%, and the lender requests the borrower to pay interest according to the agreed interest rate, the people's court should support it.

If the interest rate agreed between the borrower and the lender exceeds the annual interest rate by 36%, the excess interest agreement is invalid. If the borrower requests the lender to return the interest that has been paid in excess of 36% of the annual interest rate, the People's Court shall support the request.

Article 211 of the "Contract Law" stipulates: If a loan contract between natural persons does not stipulate the payment of interest or the stipulation is unclear, it shall be deemed that no interest has been paid. If a loan contract between natural persons stipulates the payment of interest, the interest rate of the loan shall not violate the relevant national regulations on restrictions on borrowing. If the interest rate is not written into the IOU, and the lender sues and the borrower does not recognize the agreement between the parties, the lender's interest request will not be supported by the court.

3. When borrowing, it is advisable to write the repayment period into the IOU

Loans are protected by law within the statute of limitations. However, in practice, many lenders often do not know the "statute of limitations". concept. Theoretical circles have different understandings of the statute of limitations for loans without an agreed repayment period. Courts in various places have different approaches to this issue.

Therefore, from the perspective of safe recovery of creditor's rights, it is advisable to write the repayment period into the IOU when borrowing. If the borrower fails to repay the loan overdue, the lender shall claim against the borrower within 3 years after the loan expires. Rights (including filing a lawsuit in the People's Court or having the borrower sign a reminder notice to confirm).

4. When borrowing, it is advisable to write down the full name of the lender and the borrower in the IOU

In fact, the lender and the borrower often have a close relationship and are not necessarily relatives. Daily customary titles should be written in the IOU, such as writing the lender as "Uncle Zhang" and "Brother Zhang"; writing the borrower as "Ah San", "Simei", etc. If the borrower repays overdue, the lender will want to go to court. When suing borrowers, they are often rejected by the court because the creditor's rights and debtor are unclear.

5. When borrowing, the IOU should be stated clearly and without ambiguity

A more typical case is that Zhang San borrowed 100,000 yuan from Li Si and issued an IOU stating that the loan was 100,000 yuan. , a few months later, Zhang San returned Li Si 10,000 yuan, then tore up the original IOU, and Zhang San issued a new IOU for Li Si: "Zhang San originally borrowed 100,000 yuan from Li Si, and now he still owes 10,000 yuan." . The word "huan" here can be understood as "return (huang)", but also can be interpreted as "pay (hai) owe" or "still owe". The resulting disputes are very detrimental to the lender.