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Promissory Note Between Family Members Template for Singapore

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Key Requirements PROMPT example:

Promissory Note Between Family Members

"I need a Promissory Note Between Family Members for a $50,000 loan from my uncle to help with my house down payment, with monthly repayments starting March 2025 and no interest charges."

Document background
A Promissory Note Between Family Members is commonly used in Singapore when one family member lends money to another and wishes to formally document the arrangement. This document serves as legal evidence of the debt while maintaining family harmony through clear terms and expectations. It includes essential details such as the loan amount, repayment schedule, and any interest arrangements, while complying with Singapore's legal framework. The document is particularly useful for substantial loans or when family members want to ensure clarity and avoid future misunderstandings.
Suggested Sections

1. Date: Date of execution of the promissory note

2. Parties: Full legal names and addresses of the lender and borrower

3. Promise to Pay: Clear statement of the debt amount and promise to repay

4. Payment Terms: Specific repayment schedule and method of payment

5. Signatures: Execution by both parties with witnesses

Optional Sections

1. Interest Rate: Terms of interest and calculation method if the loan carries interest

2. Security: Details of any collateral or security provided for the loan

3. Early Repayment: Terms and conditions for early repayment of the loan

4. Default Provisions: Consequences and procedures in case of default on payment

Suggested Schedules

1. Repayment Schedule: Detailed breakdown of payment dates and amounts

2. Security Details: Comprehensive description of any security or collateral provided for the loan

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions















Clauses

















Industries

Contract Law Act 1999: Primary legislation governing contract formation and enforcement in Singapore, ensuring basic elements of valid contracts including offer, acceptance, consideration, and intention to create legal relations

Civil Law Act (Cap. 43): Fundamental legislation governing civil matters including contractual relationships and obligations in Singapore

Moneylenders Act (Cap. 188): Regulates money lending activities in Singapore; while family loans are generally exempt, need to ensure compliance to avoid any unintended breaches

Women's Charter (Cap. 353): Family law legislation that may be relevant depending on the relationship between family members involved in the promissory note

Maintenance of Parents Act: Legislation governing financial obligations between family members, particularly relevant if the note involves parent-child relationships

Limitation Act (Cap. 163): Sets time limits for enforcing contractual claims, generally 6 years for contractual claims including promissory notes

Evidence Act (Cap. 97): Establishes requirements for documenting and proving the existence and terms of the debt

Stamp Duties Act (Cap. 312): Governs the requirements for proper stamping of legal documents including promissory notes

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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