An IOU is a written document indicating the relationship between creditor's rights and debts, which is generally written and signed by the debtor, indicating that the debtor has owed the creditor the amount indicated in the IOU. An iou refers to a bill written to the other party when borrowing personal or public cash or goods, that is, an iou.

After the money and goods are returned, the bill is revoked or torn by the bill holder. This is a document. Usually used in daily life and business management.

From a legal point of view, an IOU is a written document showing the relationship between creditor's rights and debts, which is written and signed by the debtor, indicating that the debtor has owed the creditor the amount indicated on the IOU.

There are eight common pitfalls in IOUs:

1, deliberately misspelled the name when typing the IOU;

2. Non-handwritten IOUs;

3. Use ambiguity;

4. Borrow through collection;

5, regardless of property;

6. Borrowing books;

7. Dual-use IOUs;

8. I don't write loan interest.

There are also two issues related to capital and material loans that need attention:

1. When borrowing money, if you know that the other party will use it for illegal activities, don't lend it to the other party. Loans are not protected by law. If the other party does not pay back the money, it cannot be protected through litigation;

2. If there is an agreed repayment period, it shall claim its rights within two years after the expiration of the repayment period, that is, bring a lawsuit to the people's court. The limitation of action for the parties to request the people's court to protect their civil rights is two years. If the borrower brings a lawsuit to the people's court two years after the maturity of the loan, but there is no statute of limitations to suspend, interrupt or extend it, it will lose the right to win the case.

laws and regulations

People's Republic of China (PRC) Civil Code

Article 675 The borrower shall repay the loan within the agreed time limit. If the term of the loan is not agreed or clearly agreed, and cannot be determined according to the provisions of Article 510 of this Law, the borrower may return it at any time; The lender may urge the borrower to return it within a reasonable period of time. Article 188 The limitation of action for requesting the people's court to protect civil rights shall be three years. Where there are other provisions in the law, those provisions shall prevail.

The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.