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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101440
Experience:  Lawyer
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Regarding a "Promissory Note" wording that incorrectly

Customer Question

Regarding a "Promissory Note" wording that incorrectly describes what the total amount owing is....the wording is as follows:
"Whereas the undersigned is indebted in the sum of..........'amount and name amount owed to...' in connection with the dividend declared payable by the undersigned."
The question is about "....the dividend declared payable....". None, or any portion of the total being paid is a dividend which of course is considered income and taxable. This can easily be proven if it comes down to it. Could this error potentially make the promissory note invalid as it is describing something that in fact does not exist. We are planning on having this note destroyed and the wording changed but I want to know our legal status as is presently written.
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

It would still be valid though it may be harder to prove what is owing if this ever went to court.

So you should have this corrected at once but you don't have to panic that you have nothing to show for the debt as you do.

Does that answer your question?