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Old Promissory Note for the United Kingdom

Old Promissory Note Template for England and Wales

An Old Promissory Note is a formal written promise to pay a specified sum of money to a named recipient, either on demand or at a specified future date. Under English and Welsh law, it is governed primarily by the Bills of Exchange Act 1882 and must contain an unconditional promise to pay. The document serves as a legally binding instrument that can be used as evidence of debt and can be transferred to third parties through endorsement.

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What is a Old Promissory Note?

An Old Promissory Note is a traditional financial instrument used when one party wishes to formally document a promise to pay another party a specific sum of money. These notes have been widely used in England and Wales for centuries and continue to be governed by the Bills of Exchange Act 1882. The Old Promissory Note format includes specific requirements such as an unconditional promise to pay, a definite sum, and clear identification of both maker and payee. It is particularly useful in situations where formal documentation of debt is required but a full loan agreement might be excessive.

What sections should be included in a Old Promissory Note?

1. Date: Date of execution of the promissory note

2. Promise to Pay: Unconditional promise to pay a specific sum

3. Amount: Specific sum in words and numbers

4. Payment Terms: When and how payment should be made

5. Maker's Details: Full name and address of person making the promise

6. Payee's Details: Full name and address of person to whom payment is promised

7. Signature Block: Space for maker's signature and witness details if required

What sections are optional to include in a Old Promissory Note?

1. Interest Rate: Terms of interest payment including rate, calculation method and payment frequency

2. Security: Details of any security or collateral provided to secure the note

3. Default Provisions: Terms specifying what constitutes default and consequences thereof

What schedules should be included in a Old Promissory Note?

1. Payment Schedule: Detailed schedule of installment payments if applicable

2. Security Details: Detailed description of security or collateral including registration details if applicable

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. Defines valid promissory notes under Section 83 and establishes formal requirements and legal effects.

Law of Property (Miscellaneous Provisions) Act 1989: Legislation relevant for enforcement and security interests in promissory notes, including requirements for writing and signatures.

Limitation Act 1980: Sets statutory time limits for enforcement of promissory notes, typically 6 years from the date of breach or default.

Common Law Principles: Fundamental legal principles regarding contract formation, consideration, and capacity to contract that apply to promissory notes.

Consumer Credit Act 1974: Relevant when the promissory note involves consumer lending, affecting enforceability and form requirements.

Stamp Duty Legislation: Historical requirements for stamp duty payment on certain promissory notes, which may be relevant depending on the date and value of the note.

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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