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Registered Promissory Note for Malaysia

Registered Promissory Note Template for Malaysia

A Registered Promissory Note under Malaysian law is a formal written financial instrument containing an unconditional promise by one party (the maker) to pay a specific sum of money to another party (the payee) at a specified future date or on demand. Governed by the Bills of Exchange Act 1949 and related Malaysian legislation, this document must be properly registered and stamped to ensure legal enforceability. It includes detailed terms regarding the principal amount, interest rate, payment schedule, and any security arrangements, making it a crucial instrument for both business and personal financial transactions in Malaysia.

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What is a Registered Promissory Note?

The Registered Promissory Note is a vital financial instrument in Malaysian business and lending practices, commonly used to formalize debt obligations and payment commitments. This document type is regulated under the Bills of Exchange Act 1949 and must comply with specific registration and stamping requirements under Malaysian law. It serves as evidence of debt and can be used in various contexts, from simple loans to complex business transactions. The Registered Promissory Note typically includes essential elements such as the principal amount, interest rate, payment terms, and any security arrangements. It provides legal protection for both the maker and payee, and its registered status offers additional security and enforceability. This document is particularly useful in situations requiring formal documentation of financial obligations, especially in business financing, property transactions, or structured payment arrangements.

What sections should be included in a Registered Promissory Note?

1. Title and Date: Clearly identifies the document as a Registered Promissory Note and states the date of execution

2. Parties: Identifies the maker (promisor) and payee (promisee) with full legal names and addresses

3. Promise to Pay: Contains the unconditional promise to pay a specific sum of money

4. Principal Amount: States the principal amount in both figures and words

5. Interest Rate: Specifies the agreed interest rate and calculation method

6. Payment Terms: Details the payment schedule, including due dates and installment amounts

7. Place of Payment: Specifies where payments are to be made

8. Events of Default: Lists circumstances that constitute default

9. Governing Law: Confirms Malaysian law as the governing law

10. Execution: Space for signatures, witnesses, and attestation

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

1. Security Provisions: Include when the note is secured by collateral or guarantees

2. Prepayment Terms: Include when early payment options are permitted

3. Late Payment Penalties: Include when specific penalties for late payment are agreed

4. Assignment Clause: Include when the note is intended to be transferable

5. Cross Default: Include when the note is part of a larger financing arrangement

6. Force Majeure: Include when specific circumstances for payment relief are agreed

What schedules should be included in a Registered Promissory Note?

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Security Details: Description of any collateral or security arrangements

3. Guarantee Agreement: If applicable, terms of any guarantee provided

4. Interest Calculation Method: Detailed explanation of interest calculation formula and examples

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

Financial Services

Banking

Real Estate

Construction

Manufacturing

Trading

Small and Medium Enterprises

Corporate Finance

Investment

Professional Services

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Compliance

Corporate Secretarial

Commercial Operations

Business Development

Account Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Finance Manager

Treasury Manager

Credit Manager

Risk Manager

Company Secretary

Financial Controller

Compliance Officer

Commercial Director

Business Development Manager

Account 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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