A Full Recourse Promissory Note is a crucial financial instrument used in Hong Kong business transactions where one party commits to paying a specified sum to another. This document is particularly useful in loan transactions, business financing, and commercial arrangements where a formal acknowledgment of debt is required. Under Hong Kong law, specifically the Bills of Exchange Ordinance, the note must contain certain essential elements to be valid and enforceable. The 'full recourse' nature means the lender can pursue all of the borrower's assets to recover the debt in case of default, not just specific collateral. This document is commonly used in both corporate and individual lending scenarios, providing a clear record of debt obligation while offering strong legal protection for the lender under Hong Kong's robust financial legal framework.
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1. Promise to Pay: Unconditional promise to pay a specific sum of money, including the currency and amount in both numbers and words
2. Interest Rate: Clear specification of the interest rate (if any), how it's calculated, and when it's payable
3. Payment Terms: Due date or dates for payment, including whether it's payable on demand or at a fixed/determinable future time
4. Place of Payment: Specific location or bank account details where payment should be made
5. Maker Details: Full legal name and address of the person/entity making the promise to pay
6. Payee Details: Full legal name and address of the person/entity to whom or to whose order the payment is to be made
7. Date and Execution: Date of issuance and signature block for the maker
1. Security Provisions: Include when the note is secured by collateral or other assets
2. Default Provisions: Detailed consequences of default, including acceleration of payment and additional fees/charges
3. Prepayment Terms: Include when early payment is allowed, specifying any prepayment penalties or conditions
4. Transfer Rights: Include when specific restrictions or provisions regarding transferability are needed
5. Guarantor Provisions: Include when there is a guarantor for the payment obligation
6. Joint and Several Liability: Include when there are multiple makers of the note
1. Payment Schedule: If payments are to be made in installments, detailed schedule of payment dates and amounts
2. Security Details: If applicable, detailed description of any security or collateral securing the note
3. Interest Calculation Examples: If complex interest calculations apply, examples showing how interest will be calculated
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