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Registered Promissory Note for Canada

Registered Promissory Note Template for Canada

A Registered Promissory Note under Canadian law is a formal debt instrument that combines the features of a traditional promissory note with the additional security of registration under provincial personal property security legislation. This document evidences a debt obligation where the maker unconditionally promises to pay a specified sum to the payee, with the added protection of a registered security interest in specified collateral. The document must comply with both federal legislation (Bills of Exchange Act) for negotiability and provincial personal property security laws for registration and enforcement.

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What is a Registered Promissory Note?

A Registered Promissory Note is typically used in Canadian lending transactions where the lender requires both a negotiable debt instrument and security for the obligation. This document type is particularly useful in commercial lending, asset-based financing, and business-to-business transactions where the parties want to combine the simplicity of a promissory note with the protection of a registered security interest. The note must comply with the Bills of Exchange Act for validity as a negotiable instrument while also meeting provincial personal property security registration requirements. It includes essential terms such as payment obligations, interest calculations, security details, and enforcement provisions. The registered aspect provides additional protection to the creditor by creating a public record of the security interest and establishing priority rights in the collateral.

What sections should be included in a Registered Promissory Note?

1. Parties: Identification of the maker (debtor) and payee (creditor) with full legal names and addresses

2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words

3. Payment Terms: Details of how and when payments will be made, including payment schedule, installment amounts, and maturity date

4. Interest Rate: Specification of the interest rate, calculation method, and payment frequency

5. Security Interest: Description of the security interest being registered and the collateral securing the note

6. Events of Default: Specific circumstances that constitute default and trigger acceleration of the note

7. Remedies: Rights and remedies available to the holder upon default

8. Registration Details: Information regarding the registration of the security interest in the applicable personal property registry

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

1. Prepayment Rights: Include when the maker has the right to prepay the note before maturity, specifying any penalties or conditions

2. Guaranty: Include when there is a third-party guarantor for the note

3. Assignment: Include when there are specific restrictions or permissions regarding the assignment or transfer of the note

4. Late Payment Charges: Include when there are additional fees or charges for late payments

5. Currency Provisions: Include for cross-border transactions or when payments can be made in multiple currencies

6. Tax Provisions: Include when there are specific tax considerations or withholding requirements

What schedules should be included in a Registered Promissory Note?

1. Payment Schedule: Detailed amortization table showing payment dates, amounts, and allocation between principal and interest

2. Collateral Description: Detailed description of assets serving as collateral for the note

3. Guarantor Information: Details of guarantor(s) and specific terms of the guarantee, if applicable

4. Registration Particulars: Copy of registration details from the personal property registry

Authors

Alex Denne

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

Jurisdiction

Canada

Publisher

Ƶ

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses

























Relevant Industries

Banking & Financial Services

Commercial Real Estate

Private Lending

Equipment Financing

Manufacturing

Construction

Small Business

Agriculture

Mining

Technology

Retail

Relevant Teams

Legal

Finance

Treasury

Credit & Collections

Risk Management

Compliance

Commercial Lending

Corporate Services

Business Development

Document Management

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Manager

Commercial Lending Officer

Risk Manager

Corporate Lawyer

Legal Counsel

Compliance Officer

Account Manager

Business Development Manager

Financial Controller

Collections Manager

Security Registration Specialist

Industries





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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