A Debt Promissory Note is a fundamental financial instrument used in the Philippines to document and formalize debt obligations between parties. This document is particularly crucial in both personal and business contexts, serving as evidence of debt and outlining the terms of repayment. The note must comply with Philippine law, specifically the Civil Code and the Negotiable Instruments Law, and typically includes details such as the principal amount, interest rate, payment schedule, and consequences of default. It's commonly used in various situations, from simple personal loans to complex business transactions, and can be either secured or unsecured. The document's format and content must meet specific legal requirements to be enforceable in Philippine courts, including proper execution before a notary public when required.
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1. Parties: Identification of the Maker (Borrower/Debtor) and the Payee (Lender/Creditor) with complete names and addresses
2. Promise to Pay: Clear and unconditional promise to pay a specific sum of money, stating the principal amount in both numbers and words
3. Interest Rate: Specification of the interest rate, calculation method, and payment frequency, ensuring compliance with Philippine usury laws
4. Payment Terms: Detailed payment schedule, including the maturity date, installment amounts (if applicable), and payment method
5. Place of Payment: Specific location or manner where payments should be made
6. Default and Acceleration: Conditions constituting default and the consequences, including acceleration clause
7. Representations and Warranties: Basic declarations by the maker regarding their capacity and authority to execute the note
1. Security: Details of any collateral or security provided for the debt, used when the note is secured
2. Guarantor: Information and obligations of any guarantor, included when there is a third-party guarantee
3. Prepayment Terms: Conditions and penalties for early payment, included when prepayment restrictions apply
4. Attorney's Fees: Provisions for recovery of legal costs in case of enforcement, optional but common in Philippine practice
5. Assignment Clause: Terms governing the transfer or assignment of the note, included when negotiability is intended
6. Venue: Specification of exclusive venue for legal proceedings, optional but recommended for clarity
1. Payment Schedule: Detailed amortization table showing payment dates, principal, interest, and total payment amounts
2. Collateral Details: Description and documentation of security or collateral, if applicable
3. Specimen Signature: Authenticated signatures of the maker and any guarantors
4. Evidence of Authority: Corporate resolutions or authorization documents if the maker is a corporation or legal entity
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Lending
Microfinance
Small and Medium Enterprises
Agriculture
Manufacturing
Retail
Construction
Professional Services
Relevant Teams
Finance
Legal
Credit
Treasury
Collections
Risk Management
Compliance
Accounts Receivable
Corporate Secretariat
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Officer
Loan Officer
Treasury Manager
Collections Manager
Risk Manager
Legal Counsel
Corporate Secretary
Accounts Receivable Manager
Financial Controller
Business Development Manager
Credit Risk Analyst
Compliance Officer
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Straight Note Loan
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Loan Note
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Unsecured Promissory Note
A Philippine law-governed financial instrument documenting an unsecured promise to pay a specified sum of money, creating a legally binding obligation between maker and payee.
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Standard Promissory Note
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Government Promissory Note
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Convertible Promissory Note
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Full Recourse Promissory Note
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