Document background
A Full Recourse Promissory Note is commonly used in Singapore for both business and personal lending arrangements where the lender requires maximum security for the loan. This document is particularly relevant when parties need a formal, legally binding promise of repayment with the ability to pursue all of the borrower's assets in case of default. The note typically includes specific payment terms, interest rates, default provisions, and acceleration clauses, all structured within Singapore's legal framework and financial regulations. It's especially useful for substantial loans where the lender wants to maintain maximum enforcement options.
