Promissory Note Template UK
A legal document in which one party promises to pay a specific sum of money to another party at a future date or on demand.
- Word and PDF formats
- Average time to complete
- 5 minutes
- Date last updated by lawyer
- 06/10/2023
- Average user rating score
What Is a Promissory Note?
In the UK, promissory notes are legally binding contracts that can serve as evidence in legal proceedings if a dispute arises. They are often used in various situations, including personal loans, business transactions, and real estate deals, providing a clear record of the debt and the commitment to repay it.
The document may be either secured or unsecured, impacting the lender's ability to claim assets if the borrower defaults. Promissory notes in the UK are subject to regulations under the Bills of Exchange Act 1882, which governs their issuance, transfer, and enforceability.
Who Should Use a Promissory Note?
A Promissory Note is ideal for individuals who are lending money and want a clear agreement in place to ensure repayment. This document provides the lender with a formal written promise from the borrower to repay the specified amount under agreed terms, offering legal protection and clarity.
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England and Wales
Northern Ireland
ScotlandWhy Choose Ewan?
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