An Old Promissory Note is a traditional form of debt instrument commonly used in Canadian business and personal transactions to formalize monetary obligations. This document type is governed by the Canadian Bills of Exchange Act and relevant provincial legislation, making it a legally enforceable instrument across all Canadian jurisdictions. The Old Promissory Note format includes specific elements required by law: a clear promise to pay, definite amount, named payee, and maker's signature. It's particularly useful in situations requiring documented proof of debt, such as business loans, personal lending, or installment purchases. The document can be either secured (backed by collateral) or unsecured, and may include additional terms such as interest rates, payment schedules, and default provisions, all while maintaining compliance with Canadian usury laws and provincial regulations.
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1. Date and Place of Execution: Specifies when and where the promissory note is made
2. Parties Identification: Clear identification of the maker (promisor) and payee (promisee) with full legal names and addresses
3. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words
4. Payment Terms: Details of when and how payment will be made, including due date or installment schedule
5. Interest Rate: Specification of any interest rate charged, calculation method, and payment frequency
6. Place of Payment: Where payments are to be made or received
7. Signatures: Space for maker's signature and date, with witness signature if required
1. Security Interest: Include when the note is secured by collateral or other assets
2. Late Payment Penalties: Details of additional charges or increased interest rates for late payments
3. Prepayment Terms: Include when early payment is allowed, specifying any conditions or penalties
4. Default Provisions: Specific conditions constituting default and consequences
5. Assignment Rights: Include when the note needs to be transferable or non-transferable
6. Joint and Several Liability: Include when there are multiple makers of the note
7. Governing Law: Include when the note might be enforced in multiple jurisdictions
1. Payment Schedule: Detailed schedule of installment payments including dates and amounts
2. Security Agreement: Details of any collateral or security provided for the note
3. Amortization Table: Breakdown of payments showing principal and interest portions
4. Guarantor Information: Details of any guarantors and terms of guarantee if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial Lending
Private Lending
Small Business
Agriculture
Construction
Manufacturing
Professional Services
Retail
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Banking
Accounts Receivable
Commercial Lending
Document Management
Relevant Roles
Financial Manager
Credit Officer
Legal Counsel
Corporate Treasurer
Accounts Receivable Manager
Collections Specialist
Loan Officer
Business Development Manager
Risk Manager
Compliance Officer
Contract Administrator
Chief Financial Officer
Banking Officer
Finance Director
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