***Those who sign the IOU may not necessarily belong to the borrower or the guarantor. Those who sign the IOU must be considered on a case-by-case basis. If someone signs after the borrower or guarantor column, it constitutes the corresponding identity unless the signature is forged or the expression of intention is not free or true. Signing in the blank space or by a witness does not constitute the identity of the borrower or guarantor.

Legal Analysis

An IOU refers to a note written to the other party when borrowing cash or items from an individual or a public entity. After the money or items are returned, the person who wrote the note will take back the note and it will be invalidated or torn up. It is a credential document, usually used in daily life and business management. If the loan is divided into primary and secondary borrowers, it means that the loan is the same. Whether it is the primary borrower or the secondary borrower, they are required to bear the due repayment responsibility for the loan. When the primary lender When the repayment ability is insufficient to repay the loan, the secondary borrower shall bear the corresponding repayment obligations. The borrower is also the debtor. If there are two or more debtors, they are the same debtors and share the obligations according to the determined shares. Each debtor with joint and several obligations has the obligation to pay off all debts. A person who has performed his obligations has the right to require other people with joint and several obligations to pay his share. If two people sign the IOU and one of them voluntarily assumes it, and after it is clearly stated that he has voluntarily assumed it, in principle, he cannot claim credit against the other party. The basic contents of the IOU include: creditor's name, loan amount, interest calculation, repayment time, breach of contract penalty, dispute resolution method, as well as the debtor's name, loan date and other essentials. As long as it has the name of the debtor, the amount of the loan, the name of the debtor and the date of the loan, and meets the main requirements of the IOU, it is legally valid. Once a dispute arises, it can be used as evidence to claim creditor's rights in the People's Court, and the People's Court will also accept it.

Legal Basis

Article 668 of the "People's Republic of China and Civil Code" The loan contract shall be in writing, except for loans between natural persons that are otherwise agreed upon . The content of a loan contract generally includes terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.