The Promissory Note Payable is a fundamental financial instrument widely used in Philippine business and personal transactions to formalize debt obligations. It serves as a legally binding document under Philippine law, particularly governed by the Negotiable Instruments Law (Act No. 2031) and the New Civil Code. This document is typically used when there is a need to document a loan or credit arrangement, whether in a business or personal context, providing clear terms for repayment including the principal amount, interest rate, and payment schedule. The note may be secured or unsecured, and can be used in various contexts from simple personal loans to complex business financing arrangements. Its negotiable nature allows it to be transferred to other parties, making it a versatile instrument in financial transactions.
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1. Promise to Pay: Unconditional promise to pay a specific sum of money to a named payee
2. Principal Amount: The exact amount being borrowed, expressed in both numbers and words
3. Interest Rate: The agreed-upon interest rate, payment frequency, and calculation method
4. Payment Terms: Specific details about when and how payments will be made, including due date(s)
5. Maker Information: Complete legal name and address of the person/entity making the promise
6. Payee Information: Complete legal name and address of the person/entity to whom payment is promised
7. Date and Place of Execution: When and where the promissory note is signed
8. Signature Block: Space for maker's signature and witness signatures if required
1. Collateral Details: Include when the note is secured by specific assets or property
2. Co-Maker Information: Include when there is a co-maker or guarantor for the note
3. Acceleration Clause: Include to allow the entire amount to become due upon default
4. Prepayment Terms: Include if early payment is allowed and any associated conditions
5. Attorney's Fees: Include provisions for legal fees in case of collection or enforcement
6. Default Interest Rate: Include if there's a different interest rate applicable upon default
7. Venue Stipulation: Include to specify where legal proceedings should be conducted if needed
1. Payment Schedule: If installment payments, detailed schedule of payment dates and amounts
2. Collateral Description: Detailed description of any assets securing the note
3. Authorization Documents: Corporate resolutions or board approvals if maker is a corporation
4. Co-Maker Information Sheet: Detailed information about co-makers or guarantors if applicable
5. Specimen Signature: Official specimen signatures of authorized signatories
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Small and Medium Enterprises
Corporate Business
Manufacturing
Agriculture
Retail
Construction
Technology
Professional Services
Relevant Teams
Legal
Finance
Treasury
Accounting
Credit and Collections
Risk Management
Compliance
Corporate Secretariat
Business Development
Investment
Relevant Roles
Chief Financial Officer
Finance Manager
Accountant
Treasury Manager
Credit Manager
Legal Counsel
Compliance Officer
Financial Controller
Credit Analyst
Risk Manager
Corporate Secretary
Loan Officer
Collections Manager
Business Development Manager
Financial Advisor
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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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