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
Find the exact document you need
Promissory Note For House Payment
A Philippine law-compliant financial instrument documenting a promise to pay for property through installments, including payment terms and security provisions.
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Promissory Note For Unpaid Balance
A Philippine law-governed financial instrument documenting a promise to pay an outstanding balance with specified terms and conditions.
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Promissory Note For Medical Bill
A Philippine law-governed document establishing a patient's legal commitment to pay for medical services received, including payment terms and conditions.
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Promissory Note For Car Loan
A Philippine-law governed promissory note documenting a secured loan for vehicle purchase, including payment terms and security interest details.
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Promissory Note For Late Rental Payment
A Philippine law-governed document that formalizes a tenant's promise to pay overdue rent, including payment terms and conditions.
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Construction Promissory Note
A Philippine-law governed promissory note specifically designed for construction projects, documenting a legally binding promise to pay for construction services or materials.
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Promissory Note For Housing Loan
A Philippine-compliant legal document evidencing a borrower's promise to repay a housing loan, including loan terms and property details as collateral.
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Promissory Note For Tuition
A Philippine-compliant promissory note documenting a student's or guardian's formal promise to pay tuition fees to an educational institution.
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Promissory Note For Late Payment
A Philippine law-governed document containing a formal promise to pay an overdue debt, specifying new payment terms and conditions.
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Promissory Note
A Philippine law-governed financial instrument containing a written promise to pay a specified sum of money, compliant with local Negotiable Instruments Law and Civil Code requirements.
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Promissory Note For Remaining Balance
A Philippine law-compliant financial document establishing terms for paying a remaining balance, including payment schedule and obligations of all parties.
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Straight Note Loan
A Philippine law-governed loan agreement for a single-payment loan with interest due at maturity.
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Secured Demand Note
A Philippine law-governed financial instrument creating a secured debt obligation payable on demand, combining features of a promissory note with security interests in specific assets.
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Debt Promissory Note
A Philippine law-governed document evidencing a promise to pay a specified sum of money, including terms of repayment and interest.
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Promissory Note To Follow Documents
A Philippine law-governed financial instrument committing payment against future delivery of trade documents, commonly used in international trade finance.
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Promissory Note For Honorable Dismissal
A Philippine legal document establishing a student's promise to pay outstanding obligations to secure an honorable dismissal certificate from an educational institution.
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Promissory Note To Pay Remaining Balance
A Philippine law-governed financial instrument documenting a promise to pay a remaining balance, setting forth payment terms and conditions under the Negotiable Instruments Law.
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Promissory Note For Examination Payment
A Philippine law-compliant promissory note specifically designed for guaranteeing payment of examination fees to educational institutions or examination providers.
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Loan Note
A Philippine law-governed document establishing the terms and conditions of a loan agreement, including principal, interest, and repayment terms.
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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
A legally binding written promise to pay a specified sum of money under Philippine law, governed by the Negotiable Instruments Law and Civil Code.
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Secured Promissory Note
A Philippine law-governed financial instrument combining a promise to pay with security interests in collateral, establishing loan terms and creditor protection through asset backing.
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Promissory Note For Tuition Fee With Partial Payment
A Philippine-law governed promissory note establishing terms for partial payment of tuition fees between educational institutions and students/guardians.
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Promissory Note For Lacking Documents
A Philippine legal instrument that documents a debt obligation while acknowledging and accounting for temporarily missing formal documentation, governed by Philippine commercial and civil law.
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Promissory Note For Delayed Payment
A legal financial instrument under Philippine law documenting a promise to pay a specified sum at a future date, governed by the Negotiable Instruments Law and Civil Code.
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Promise Promissory Note For Hospital Bill
A Philippine-compliant promissory note documenting a patient's commitment to pay outstanding hospital bills, including payment terms and conditions.
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Government Promissory Note
A Philippine government debt instrument representing an unconditional promise to pay a specified sum with interest, governed by Philippine law.
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Convertible Promissory Note
A Philippine law-governed debt instrument that can convert into company equity shares under specified conditions, combining elements of both debt and potential future equity investment.
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Time Promissory Note
A Philippine-compliant financial instrument containing a written promise to pay a specific sum of money at a future date, governed by local Negotiable Instruments Law.
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Straight Promissory Note
A Philippine-law governed financial instrument containing an unconditional promise to pay a specified sum of money at a determined future date or on demand.
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Senior Promissory Note
A Philippine law-governed financial instrument establishing a senior-ranking promise to pay a specified sum with defined terms and conditions.
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Promissory Note With Collateral
A Philippine law-governed financial instrument combining a promise to pay with collateral security provisions, creating a secured debt obligation.
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Promissory Note Letter
A Philippine law-compliant written promise to pay a specific sum of money, detailing payment terms and conditions under Philippine banking and commercial regulations.
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Promissory Note Installment Payments
A Philippine law-governed financial document establishing a promise to pay a specified sum through scheduled installment payments, with defined terms and conditions.
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Non Recourse Promissory Note
A Philippine-law governed promissory note limiting the lender's recovery rights exclusively to specified collateral, with no recourse to the borrower's other assets.
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Full Recourse Promissory Note
A Philippine-law governed promissory note providing lenders with full recourse to the borrower's assets for debt recovery.
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Promissory Note For Family Loan
A legally binding document under Philippine law that formalizes and documents monetary loans between family members, establishing repayment terms and conditions.
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Unsecured Promissory Note Installment Payments
A Philippine-law governed promissory note documenting an unsecured loan repayable in installments, including payment terms and interest calculations compliant with local regulations.
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Promissory Note Shareholder Loan To Corporation
A Philippine law-governed promissory note documenting a loan from a shareholder to their corporation, establishing loan terms and conditions.
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Partial Claim Promissory Note
A Philippine law-governed financial instrument documenting a promise to pay a specific portion of a larger debt obligation, with defined payment terms and conditions.
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