A Demand Letter For Payment Of Promissory Note is a critical debt recovery document used in Nigerian business and financial transactions when a promissory note payment becomes due or is in default. This document is particularly important in the Nigerian legal system, where formal written demands often serve as prerequisites to legal action and must comply with specific requirements under the Bills of Exchange Act and related legislation. The letter formally demands payment of the promised sum, typically including the principal amount, accrued interest, and any additional charges as specified in the original promissory note. It serves multiple purposes: establishing a clear record of the demand, fulfilling legal notice requirements, and providing the debtor with a final opportunity to settle before legal proceedings commence. The document must be carefully drafted to ensure admissibility in Nigerian courts and typically precedes more severe enforcement actions.
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1. Sender's Details: Full name, address, and contact information of the creditor or their legal representative
2. Date: Current date of the demand letter
3. Recipient's Details: Full name and address of the debtor
4. Subject Line: Clear identification that this is a formal demand for payment of promissory note
5. Promissory Note Details: Specific details of the promissory note including date, principal amount, interest rate, and maturity date
6. Demand Statement: Clear statement of the total amount due, including principal, interest, and any other charges
7. Payment Terms: Specific deadline for payment and acceptable payment methods
8. Legal Consequences: Statement of legal actions that may be taken if payment is not received by the specified deadline
9. Closing: Formal closing statement, signature block, and designation of sender
1. Previous Payment History: Include when there have been partial payments or payment attempts to establish a pattern of payment or non-payment
2. Previous Correspondence: Reference to prior demands or communications when this is not the first demand for payment
3. Interest Calculation Breakdown: Detailed calculation of interest charges when the amount includes significant interest components
4. Witness Statement: Include when the promissory note was witnessed and details of the witness need to be referenced
5. Settlement Options: Include when the creditor is willing to accept alternative payment arrangements or settlement terms
1. Copy of Promissory Note: Authenticated copy of the original promissory note
2. Payment History Schedule: Detailed schedule of any payments made and outstanding amounts if partial payments were received
3. Interest Calculation Schedule: Detailed breakdown of interest calculations if complex interest terms are involved
4. Related Correspondence: Copies of previous relevant correspondence or demands
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Manufacturing
Retail
Import/Export
Construction
Agriculture
Professional Services
Healthcare
Education
Telecommunications
Oil and Gas
General Commerce
Transportation and Logistics
Relevant Teams
Legal
Finance
Accounts Receivable
Credit Control
Treasury
Risk Management
Corporate Secretariat
Debt Recovery
Commercial Operations
Compliance
Relevant Roles
Credit Manager
Financial Controller
Chief Financial Officer
Accounts Receivable Manager
Legal Counsel
Corporate Lawyer
Debt Recovery Officer
Collections Manager
Finance Director
Risk Manager
Company Secretary
Business Development Manager
Treasury Manager
Commercial Director
Credit Control Officer
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