1. Is it valid to write an IOU in your own name?
As long as both parties sign and seal or press their fingerprints, the personal IOU has legal effect, and the rights of the obligee in the lending relationship it proves are protected by law, provided that the specific content of the IOU does not violate the legal provisions.
IOUs generally consist of three parts: title, text and signature.
(1) title. The title of IOU is generally composed of language names, that is, the word "IOU" is written in large font at the top and middle of the text. Some people write the words "temporary loan" or "current loan" as the title in this position, but the text of this title is written in the top box of the next line.
(2) the text. The subject of the IOU should write down what the person or unit owes, what it owes and how much it owes, and indicate the repayment date.
(3) signature. The signature place shall be stamped with the name of the borrower's unit and the personal signature of the manager. If the loan is issued by an individual, the name of the borrower should be attached. At the same time, the date of the loan was signed. Units should build official seals and individuals should build private seals.
2. How long is the validity of the IOU?
(1) From the perspective of the limitation of action, if the repayment date is indicated in the IOU, the limitation of action shall be calculated for three years from the day after the repayment date.
(2) If the repayment date is not agreed, it indicates that the contract has an indefinite performance period, and the creditor has the right to demand the debtor to perform the debt at any time, provided that the other party is given the necessary preparation time. In this case, there are actually the following types to determine the starting point of the limitation period:
1. If the creditor urged the debtor to perform immediately at that time, but actually failed to perform, the limitation of action shall be three years from the day after the urging. There is no time limit for creditors to demand payment.
2. If the parties have agreed on a clear time limit for performance, but in fact both parties have changed the contents of the contract and changed the debt with unclear time limit into a debt with clear time limit, then if the debtor fails to perform the debt at the expiration of the time limit, the limitation of action shall be calculated for three years from the day after the expiration of the time limit.
3. Where the creditor claims rights from the debtor, and the debtor explicitly refuses to perform, and there is an intention to deny the existence of the creditor's rights, the limitation of action shall be calculated from the day after the date of refusal, regardless of whether the creditor has stipulated a grace period or not, and regardless of whether the period has expired.
4. When the creditor claims to the debtor to perform the debt, and the debtor fails to explicitly refuse, both parties agree to have a grace period for performing the debt. At the expiration of this period, no matter whether the debtor explicitly refuses to perform the debt or not, as long as the debtor fails to perform objectively, the limitation of action shall be counted for three years from the day after the expiration of this grace period.
It is valid to write IOUs in one's own name. IOUs have two validity periods, one is three years and the other is twenty years. The basis for dividing the validity period of IOUs is whether there is a clear repayment time in IOUs. If there is a clear repayment time in the IOU, the first validity period applies; If not, the second validity period applies.