Document background
The Unsecured Promissory Note is commonly used in Switzerland when parties need to formally document a debt obligation without requiring collateral or security interests. This document is particularly useful in business transactions, personal loans, or commercial arrangements where the creditor is willing to rely solely on the debtor's promise to pay and creditworthiness. The note must comply with Swiss Code of Obligations requirements, including specific mandatory elements such as the term 'promissory note', an unconditional promise to pay, specified amount, payment date(s), and place of payment. While simpler than secured instruments, these notes provide clear evidence of debt and facilitate enforcement through Swiss debt collection procedures if necessary.
