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Demand For Payment On Promissory Note for Hong Kong

Demand For Payment On Promissory Note Template for Hong Kong

A Demand For Payment On Promissory Note is a formal legal document used in Hong Kong to demand payment of a debt evidenced by a promissory note. The document must comply with Hong Kong's Bills of Exchange Ordinance (Cap. 19) and related legislation. It serves as a crucial step in debt collection, potentially preceding legal action, and must include specific details about the original promissory note, the amount due, interest calculations, and payment requirements. The document establishes a formal record of the demand and can be important evidence in subsequent legal proceedings in Hong Kong courts.

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What is a Demand For Payment On Promissory Note?

A Demand For Payment On Promissory Note is utilized when a creditor needs to formally request payment from a debtor who has previously executed a promissory note but has failed to pay as agreed. This document is particularly important in Hong Kong's commercial environment, where it must comply with local legislation, particularly the Bills of Exchange Ordinance. The demand should be issued when payment is overdue or when the note has matured without payment. It typically includes specific details about the original debt, interest calculations, payment instructions, and consequences of non-payment. This formal demand often serves as a final step before initiating legal proceedings and can be crucial evidence in Hong Kong courts. The document must be carefully drafted to ensure it meets all legal requirements and effectively preserves the creditor's rights.

What sections should be included in a Demand For Payment On Promissory Note?

1. Sender Details: Full name and address of the holder of the promissory note

2. Date: Current date of the demand letter

3. Recipient Details: Full name and address of the maker of the promissory note

4. Reference Line: Reference to the promissory note including its date and original amount

5. Subject Line: Clear indication that this is a formal demand for payment

6. Debt Details: Specific details of the promissory note, including original amount, date of execution, and current amount due including any interest

7. Formal Demand: Clear statement demanding immediate payment of the specified amount

8. Payment Instructions: Specific details of how and where payment should be made

9. Legal Warning: Statement regarding potential legal action if payment is not received

10. Signature Block: Signature and details of the holder or authorized representative

What sections are optional to include in a Demand For Payment On Promissory Note?

1. Previous Demands: Reference to any previous demands made, used when this is not the first demand

2. Interest Calculation: Detailed breakdown of interest calculations, used when significant interest has accrued

3. Guarantor Notice: Notice to any guarantors of the promissory note, used when guarantors exist

4. Payment Plan Option: Proposed payment plan terms, used when the holder is willing to accept installment payments

5. Default Notice: Formal notice of default under the promissory note, used when required by the original note terms

What schedules should be included in a Demand For Payment On Promissory Note?

1. Copy of Promissory Note: Attached copy of the original promissory note

2. Interest Calculation Schedule: Detailed breakdown of interest calculations and charges

3. Payment History: Schedule showing any previous payments made and outstanding balance

4. Proposed Payment Plan: If applicable, detailed schedule of proposed payment installments

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

Hong Kong

Publisher

Ƶ

Document Type

Demand Letter

Cost

Free to use
Relevant legal definitions




















Clauses














Relevant Industries

Banking and Financial Services

Commercial Lending

Investment Services

Corporate Finance

Small and Medium Enterprises

Real Estate

Manufacturing

Trading and Distribution

Professional Services

General Commerce

Relevant Teams

Legal

Finance

Credit Control

Treasury

Accounts Receivable

Risk Management

Corporate Secretarial

Debt Recovery

Compliance

Commercial Operations

Relevant Roles

Credit Controller

Financial Manager

Collections Manager

Legal Counsel

Corporate Lawyer

Finance Director

Accounts Receivable Manager

Treasury Manager

Credit Risk Manager

Debt Recovery Officer

Company Secretary

Chief Financial Officer

Legal Director

Credit Administration Officer

Industries





Teams

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