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Promissory Note And Deed Of Trust for Malaysia

Promissory Note And Deed Of Trust Template for Malaysia

A dual-purpose legal instrument governed by Malaysian law that combines a promissory note with a trust deed arrangement. The document establishes both a binding promise to pay a specified sum of money under defined terms and conditions, while simultaneously creating a trust structure to hold and manage associated assets or security. This document is subject to Malaysian legislation including the Bills of Exchange Act 1949, Trustee Act 1949, and relevant provisions of the Contracts Act 1950, providing a secure framework for both debt obligation and asset protection through trust arrangements.

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What is a Promissory Note And Deed Of Trust?

The Promissory Note And Deed Of Trust is utilized in Malaysian business and financial transactions where parties seek to combine debt obligations with trust-based asset protection or management. This document is particularly relevant when lenders require additional security measures beyond a simple promissory note, or when borrowers wish to structure their debt obligations through a trust arrangement. It provides a comprehensive framework governed by Malaysian law, incorporating elements from the Bills of Exchange Act, Trustee Act, and Contracts Act. The document typically includes detailed payment terms, trust property specifications, trustee powers and obligations, enforcement mechanisms, and security arrangements. It's commonly used in corporate financing, real estate transactions, and structured lending arrangements where asset protection and debt management need to be simultaneously addressed.

What sections should be included in a Promissory Note And Deed Of Trust?

1. Parties: Identifies the Maker (promissor), Payee (promissee), and Trustee(s)

2. Background: Explains the context of the debt obligation and reason for creating the trust arrangement

3. Definitions: Defines key terms used throughout the document

4. Promise to Pay: Contains the unconditional promise to pay a specific sum, including payment terms and interest rate

5. Trust Declaration: Establishes the trust, its purpose, and the property being held in trust

6. Trustee Powers and Duties: Details the specific powers granted to trustees and their obligations

7. Security Arrangements: Describes any collateral or security provided for the promissory note

8. Events of Default: Lists circumstances that constitute default and consequences

9. Enforcement Rights: Specifies the rights and remedies available upon default

10. Trust Property Administration: Details how the trust property will be managed and administered

11. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and relevant jurisdiction

What sections are optional to include in a Promissory Note And Deed Of Trust?

1. Multiple Trustees Provisions: Include when there are multiple trustees to govern their relationship and decision-making

2. Successor Trustee Provisions: Include when specific provisions for trustee succession are required

3. Security Trustee Provisions: Include when a separate security trustee is appointed

4. Acceleration Clause: Include when early payment provisions are desired

5. Trust Income Distribution: Include when trust generates income that needs distribution rules

6. Foreign Currency Provisions: Include when the promissory note involves foreign currency

What schedules should be included in a Promissory Note And Deed Of Trust?

1. Payment Schedule: Detailed schedule of payment dates, amounts, and interest calculations

2. Trust Property Schedule: Detailed description and/or inventory of all property held in trust

3. Security Details: Detailed description of any security or collateral provided

4. Trustee Compensation Schedule: Details of trustee fees and reimbursement arrangements

5. Authorized Signatories: List of authorized signatories and their signing powers

6. Form of Transfer: Template for transferring the promissory note if it is negotiable

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

Malaysia

Publisher

Ƶ

Document Type

Promissory Note

Sector

Banking

Cost

Free to use
Relevant legal definitions






























Clauses




























Relevant Industries

Banking and Financial Services

Real Estate

Corporate Finance

Investment Management

Asset Management

Family Office Services

Wealth Management

Commercial Lending

Property Development

Private Equity

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Secretarial

Trust Administration

Asset Management

Investment

Property Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Trust Officer

Financial Controller

Investment Manager

Asset Manager

Compliance Officer

Risk Manager

Treasury Manager

Company Secretary

Debt Finance Manager

Trust Administrator

Property Manager

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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