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Standard Promissory Note Secured for the United Kingdom

Standard Promissory Note Secured Template for England and Wales

A Secured Promissory Note is a formal legal document under English and Welsh law that evidences a debt obligation where the borrower (maker) promises to repay a specific sum to the lender (payee), backed by specific collateral as security. The document includes detailed payment terms, interest calculations, security arrangements, and default provisions, providing legal protection for both parties and establishing clear enforcement rights under English law.

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Standard Promissory Note Secured

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What is a Standard Promissory Note Secured?

The Standard Promissory Note Secured is a fundamental lending instrument used in England and Wales when parties require a formal, secure lending arrangement. It combines the straightforward nature of a promissory note with the additional protection of security over specific assets. This document is particularly useful for business loans, property transactions, or any situation where a lender requires collateral to support a debt. The document includes essential elements such as the principal amount, interest rate, payment schedule, security details, and enforcement provisions, all structured to comply with English law requirements and provide clear remedies in case of default.

What sections should be included in a Standard Promissory Note Secured?

1. Date and Parties: Identifies the maker (borrower) and payee (lender) of the note

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

3. Payment Terms: Schedule of payments, including dates and amounts

4. Security Details: Description of assets provided as security

5. Default Provisions: Consequences of default and acceleration clauses

6. Signature Block: Execution provisions for all parties

What sections are optional to include in a Standard Promissory Note Secured?

1. Prepayment Terms: Optional provisions for when early repayment is permitted

2. Guarantor Provisions: Optional terms applying to guarantors when a third party guarantees the debt

3. Assignment Provisions: Optional terms for transferring the note when the note may be transferred or assigned

What schedules should be included in a Standard Promissory Note Secured?

1. Payment Schedule: Detailed amortization table showing payment dates and amounts

2. Security Description: Detailed description of secured assets

3. Guarantor Details: Information about guarantors 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

Law of Property Act 1925: Primary legislation governing property law in England and Wales, crucial for security aspects, requirements for creating legal charges over property, and enforcement provisions

Consumer Credit Act 1974: Regulates consumer credit agreements, including mandatory information requirements, format specifications, and cooling-off rights when the borrower is an individual

Financial Services and Markets Act 2000: Establishes regulatory framework for financial services, particularly relevant if the note involves regulated activities or is considered a regulated credit agreement

Bills of Exchange Act 1882: Sets out basic principles governing promissory notes, including requirements for negotiable instruments and specifications for form and content

Unfair Contract Terms Act 1977: Provides restrictions on unfair terms and limitations on exclusion clauses in contracts

Consumer Rights Act 2015: Establishes requirements for fair terms and transparency obligations, particularly relevant if the agreement involves consumers

Financial Collateral Arrangements (No.2) Regulations 2003: Governs arrangements involving financial collateral in security agreements

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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