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.
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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
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
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
Relevant legal definitions
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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
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