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30 Day Promissory Note for the United Kingdom

30 Day Promissory Note Template for England and Wales

A promissory note is a formal financial instrument governed by English and Welsh law that documents a written promise to pay a specified sum of money to a named recipient within 30 days. The document is regulated primarily by the Bills of Exchange Act 1882 and creates a legally binding obligation for payment. It includes specific details about the amount, payment date, and parties involved, serving as evidence of debt and providing a clear framework for repayment.

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30 Day Promissory Note

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What is a 30 Day Promissory Note?

A 30 Day Promissory Note is commonly used in business and personal transactions where short-term credit is required. This document, governed by English and Welsh law, provides a formal structure for documenting loans or deferred payments that will be settled within a 30-day period. It includes essential information such as the principal amount, payment terms, and party details, creating a legally enforceable obligation under the Bills of Exchange Act 1882. The note is particularly useful for business transactions requiring quick turnaround, bridge financing, or short-term credit arrangements.

What sections should be included in a 30 Day Promissory Note?

1. Date of Issue: When the promissory note is created and executed

2. Promise to Pay Statement: The unconditional promise to pay a specific sum, including the principal amount in both numbers and words

3. Payment Terms: Specifies the 30-day payment term and due date from date of issue

4. Maker Details: Full legal name, address and contact details of the person making the promise

5. Payee Details: Full legal name, address and contact details of the person receiving payment

6. Signature Block: Space for maker's signature, date, and witness details if required

7. Governing Law: Statement that the note is governed by the laws of England and Wales

What sections are optional to include in a 30 Day Promissory Note?

1. Interest Rate: Optional section specifying any interest charges and calculation method

2. Place of Payment: Optional section specifying where payment should be made if a specific location is required

3. Security Details: Optional section describing any assets securing the note

4. Default Provisions: Optional section outlining consequences of default and remedies available

5. Prepayment Terms: Optional section specifying whether early payment is allowed and any associated conditions

What schedules should be included in a 30 Day Promissory Note?

1. Payment Schedule: Details of payment schedule if the note involves installment payments (though unusual for 30-day note)

2. Security Schedule: Detailed description of any security or collateral if the note is secured

Authors

Alex Denne

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

Jurisdiction

England and Wales

Publisher

Genie AI

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions












Clauses













Industries

Bills of Exchange Act 1882: Primary legislation governing promissory notes in England and Wales. Section 83 defines promissory notes and Section 89 outlines requirements for valid promissory notes.

Law of Property (Miscellaneous Provisions) Act 1989: Legislation covering requirements regarding the proper execution of documents.

Contract Law Principles: Common law principles covering offer and acceptance, consideration, intention to create legal relations, and capacity of parties.

Limitation Act 1980: Statute governing limitation periods for enforcement of legal documents and claims.

Consumer Credit Act 1974: Relevant legislation if the promissory note involves a consumer transaction.

Financial Services and Markets Act 2000: Applicable if the promissory note could be classified as a security.

Money Laundering Regulations 2017: Regulations ensuring compliance with anti-money laundering requirements in financial transactions.

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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