The Security Demand Letter is a critical document used in the Philippines when a security provider has defaulted on their obligations under a security agreement. It serves as a formal notification and demand instrument, typically required before initiating legal proceedings under Philippine law. The document outlines the specific nature of the default, demands specific remedial actions, and sets clear deadlines for compliance. Security Demand Letters must comply with requirements under the Civil Code of the Philippines, the Personal Property Security Act, and relevant banking regulations. They are particularly important in commercial transactions, loan agreements, and other secured transactions where formal documentation of demands is necessary for legal enforcement.
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1. Letterhead and Date: Official letterhead of the demanding party and current date
2. Recipient Details: Complete name and address of the debtor/security provider
3. Subject Line: Clear indication that this is a Security Demand Letter with reference numbers
4. Security Agreement Reference: Details of the original security agreement including date and parties
5. Default Description: Clear description of the default or breach that has occurred
6. Demand Statement: Specific demands being made, including amounts, deadlines, and required actions
7. Legal Consequences: Statement of legal actions that will be taken if demands are not met
8. Response Timeline: Clear deadline for response or compliance
9. Contact Information: Details for how the recipient should respond or make payment
10. Closing and Signature: Formal closing, name and signature of authorized representative
1. Previous Communications: Reference to prior demands or communications when this is not the first notice
2. Cure Provisions: Details of how the default can be cured, if applicable under the security agreement
3. Collateral Details: Specific description of collateral when physical property is involved
4. Interest Calculation: Detailed breakdown of interest calculations for monetary demands
5. Acceleration Notice: Notice of acceleration of the entire debt if provided for in the security agreement
6. Without Prejudice Statement: Statement preserving other rights and remedies not mentioned in the letter
1. Original Security Agreement: Copy of the executed security agreement
2. Statement of Account: Current statement showing amounts owed and payment history
3. Default Evidence: Documentation proving the default or breach
4. Collateral Documentation: Relevant registration certificates or documentation of security interest
5. Payment History: Record of payments made and missed payments
6. Calculation Sheet: Detailed breakdown of amounts demanded including principal, interest, and charges
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Construction
Agriculture
Technology
Transportation & Logistics
Energy
Healthcare
Telecommunications
Professional Services
Relevant Teams
Legal
Finance
Credit & Collections
Risk Management
Compliance
Corporate Secretariat
Operations
Security & Collateral Management
Business Development
Account Management
Relevant Roles
Legal Counsel
Credit Manager
Collections Manager
Risk Manager
Compliance Officer
Corporate Secretary
Finance Director
Security Trustee
Loan Officer
Recovery Specialist
Legal Operations Manager
Chief Legal Officer
Chief Financial Officer
Credit Risk Officer
Business Development Manager
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