The Recourse Promissory Note is a crucial financial instrument in Swiss commercial practice, commonly used for both business and personal transactions where a formal promise to pay is required. This document type is particularly valuable in situations requiring a negotiable instrument that can be transferred while maintaining payment security through recourse rights. Under Swiss law, specifically the Code of Obligations (Articles 984-1099), the note must contain certain mandatory elements to be valid, including place and date of issuance, unconditional promise to pay, specified payment amount, due date, and place of payment. The recourse feature provides additional security by allowing holders to seek payment from previous endorsers if the maker defaults, making it particularly useful in commercial financing arrangements and trade transactions.
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1. Place and Date of Issuance: Specification of where and when the promissory note is issued (mandatory under Swiss law)
2. Promise to Pay: Unconditional promise to pay a specific sum of money (including currency and amount in numbers and words)
3. Payment Details: Due date, place of payment, and payment method
4. Payee Information: Full name and details of the person to whom or to whose order payment is to be made
5. Maker Information: Full name, address, and signature of the person issuing the promissory note
6. Recourse Rights: Statement of recourse rights against prior endorsers and the maker
1. Interest Rate: Include when the note bears interest, specifying rate and calculation method
2. Installment Payments: Include when payment is to be made in installments rather than as a single sum
3. Security Provisions: Include when the note is secured by collateral or guarantees
4. Transfer Restrictions: Include when there are limitations on transferability of the note
5. Default Provisions: Include when specific consequences of default need to be detailed
6. Prepayment Terms: Include when early payment is permitted and any associated conditions
1. Payment Schedule: If installment payments are applicable, detailed schedule of payment dates and amounts
2. Collateral Description: If secured, detailed description of any collateral securing the note
3. Guarantee Agreement: If guaranteed, attached guarantee documentation
4. Calculation Methods: If complex interest calculations apply, detailed explanation of calculation methodology
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