The Purchase Money Promissory Note is essential in Malaysian commercial transactions where sellers provide financing for buyers to purchase property or goods. This document serves dual purposes: it evidences the debt and creates a security interest in the purchased property. It is commonly used in various scenarios, from real estate transactions to equipment purchases, where immediate full payment is not feasible. The document must comply with Malaysian legislation, including the Bills of Exchange Act 1949 and the Contracts Act 1950, and requires proper stamping under the Stamp Act 1949 to be admissible in court. The note typically includes specific terms regarding payment schedules, interest rates, default provisions, and remedies, providing security for the seller while allowing the buyer to obtain possession of the property before completing payment.
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1. Date and Place of Execution: Specific date and location where the note is executed, essential for establishing when obligations begin
2. Parties: Clear identification of the Maker (Promisor) and the Payee (Promisee), including full legal names and addresses
3. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount written in both numbers and words
4. Payment Terms: Detailed schedule of payments, including payment dates, installment amounts, and maturity date
5. Interest Rate: Specification of interest rate (if any), how it's calculated, and when interest is payable
6. Purchase Money Security Interest: Description of the property purchased and declaration that the note is secured by the purchased property
7. Default Provisions: Conditions constituting default and consequences of default, including acceleration clause
8. Remedies: Rights and remedies available to the Payee in case of default
9. Governing Law: Statement that the note is governed by Malaysian law
1. Prepayment Terms: Include when early payment is allowed, specifying any penalties or benefits
2. Late Payment Charges: Include when specific late payment penalties or charges will apply
3. Insurance Requirements: Include when the purchased property must be insured
4. Assignment Clause: Include when the note may be transferred or assigned to other parties
5. Collateral Description: Include when additional collateral beyond the purchased property is required
6. Guarantor Provisions: Include when a guarantor is involved in guaranteeing the payment
7. Notice Provisions: Include when specific notice requirements for various situations need to be detailed
1. Payment Schedule: Detailed amortization schedule showing payment dates, principal and interest breakdown
2. Property Description: Detailed description of the purchased property serving as security
3. Insurance Requirements: Specific insurance requirements and minimum coverage amounts if applicable
4. Guarantor Details: If applicable, full details of guarantor and extent of guarantee
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Automotive
Manufacturing
Construction
Retail
Agriculture
Commercial Equipment
Industrial Machinery
Small Business
Relevant Teams
Legal
Finance
Credit & Collections
Treasury
Risk Management
Commercial Operations
Corporate Secretarial
Business Development
Contract Administration
Relevant Roles
Finance Manager
Legal Counsel
Credit Manager
Commercial Director
Risk Manager
Corporate Lawyer
Financial Controller
Business Development Manager
Contract Administrator
Treasury Manager
Chief Financial Officer
Company Secretary
Collections Manager
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